June 2013 M&A and Investment Summary

Expertise. Commitment. Results. Table of Contents

1 Overview of Monthly M&A and Investment Activity 3

2 Monthly M&A and Investment Activity by Industry Segment 8

3 Additional Monthly M&A and Investment Activity Data 38

4 About Petsky Prunier 52

Securities offered through Petsky Prunier Securities, LLC, member of FINRA.

This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer register with the U.S. SEC and a member of FINRA. Petsky Prunier is not affi liate d with Altium Capital Ltd, but has partnered with Altium to expand its international presence. Altium has not prepared or verified the information in this Summary. Persons in the United States should contact Petsky Prunier for further information or services. This M&A and Investment Summary is not being distributed by Altium Capital Ltd in the United States and Altium Capital Ltd is not offering any services to persons in the United States.

2| M&A and Investment Summary June 2013 M&A and Investment Summary for All Segments

Transaction Distribution . A total of 392 deals were announced in June 2013, of which 210 were reported at $21.6 billion in aggregate value . Digital Media/Commerce and Software were the most active segments with a combined total of 164 transactions announced, of which 86 were worth $3.1 billion in aggregate value . Information & Business Services was the highest reported value segment, with 42 transactions announced, of which ten were reported at $6.7 billion in aggregate value . Strategic buyers announced 164 deals (42 percent of total volume), of which 38 were worth $12.4 billion in aggregate value . VC/Growth Capital investors announced 208 deals, of which 188 were worth $2.5 billion in aggregate reported value . Buyout investors announced 20 deals during the month, of which seven were reported at $6.6 billion in aggregate value

JUNE 2013 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Media/Commerce 82 21% 2,257.7 10% 23 1,194.0 2 ‐ 57 1,063.7 Software 82 21% 828.5 4% 33 380.2 5 34.6 44 413.8 Marketing Technology 77 20% 5,207.0 24% 22 4,680.0 2 8.0 53 519.0 Information & Business Services 42 11% 6,654.5 31% 32 1,897.5 3 4,670.0 7 87.0 Technology & Communications 35 9% 2,738.7 13% 12 2,040.7 1 395.0 22 303.1 Digital Advertising 30 8% 77.4 0% 10 ‐ 1 ‐ 19 77.4 Agency & Marketing Services 23 6% 21. 0 0% 19 ‐ 1 ‐ 3 21. 0 Traditional Media 21 5% 3,780.0 18% 13 2,256.5 5 1,460.0 3 63.5 Total 392 100% 21,564.7 100% 164 12,448.8 20 6,567.6 208 2,548.3

3| M&A and Investment Summary June 2013 M&A and Investment Summary for All Segments

Transaction Distribution . With an increase of seven percent versus May 2013, June was the highest reported value month in more than a year, and the number of deals increased on a month‐over‐month basis for the fifth month in a row . Control transactions accounted for 50 percent of reported deal value during the month, and included: • BC Partners’ $4.4 billion acquisition of Springer Science+Business Media, which publishes academic and professional books, journals, and periodicals • Salesforce.com’s $2.5 billion acquisition of ExactTarget, a marketing execution company providing cross‐channel, digital marketing SaaS solutions, along with its acquisition of EdgeSpring, an enterprise business intelligence and analytics startup • SAP’s $1.5 billion acquisition of Hybris, a multi‐channel communication and commerce software solutions provider

M&A and Investment Volume For All Segments ‐ Last 13 Months ($BN) All transactions; Value based on reported values only $25.0 $21.6 $20.2 $19.1 $20.0 $15.9 $15.0 $12.8 3 5 8 5 $9.5 $9.8 $9.9 3 $8.5 $8.7 $10.0 $7.1 $7.5 $6.1 2 3 2 1 1 2 $5.0 2 1

33676 402 401 342 305 305 253 409 298 335 357 361 384 $- Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Note: Aggregate totals do not include Liberty Global’s $24.3 billion acquisition of Virgin Media, Comcast’s $16.7 billion acquisition of its remaining 49 percent stake in NBC Universal, or Vodafone’s $14 billion acquisition of Kabel Deutschland 4| M&A and Investment Summary June 2013 Selected Transactions with Valuation Information Disclosed ($ in Millions)

Selected Transactions With Multiples Information

Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA

Digital Media/Commerce Zalando GmbH(1) eCommerce Investment AB Kinnevik $3,720.0 $1,528.1 ‐ 2.4x NA Fanatics, Inc.(2) eCommerce Temasek Holdings (Pte) Limited 3,100.0 900.0 ‐ 3.4x NA Society6, LLC eCommerce Demand Media, Inc. 94.0 15.0 4.0 * 6.3x 23.5x Marketing Technology ExactTarget, Inc. Email/Messaging Software Salesforce.com 2,500.0 317.1 (0.6) 7.9x NM Hybris GmbH Commerce Management SAP AG 1,500.0 110.0 ‐ 13.6x NA Neolane, Inc. Online Targeting/Optimization Adobe Systems, Inc. 600.0 70.0 ‐ 8.6x NA Traditional Media Kabel Deutschland Holding AG Cable & Satellite Television Vodafone Group plc 13,947.7 2,393.2 1,029.1 5.8x 13.6x Belo Corporation Broadcast Television Gannett Company, Inc. 2,200.0 719.2 261.6 3.1x 8.4x Digital Rights Group Entertainment Media Modern Times Group MTG AB 22.4 35.6 2.4 0.6x 9.3x Youngseo Broadcasting Network Cable & Satellite Television CJ HelloVision 52.3 22.0 ‐ 2.4x NA

Technology & Communications SoftLayer Technolog,gies, Inc. Cloud Comppguting Technology IBM Corporation 2,000.0 335.0 ‐ 6.0x NA Keynote Systems, Inc. Communications Software Thoma Bravo, Inc. 395.0 123.9 14.7 3.2x 26.9x AutoVision Wireless, Inc. Satellite & Microwave Equipment BSM Technologies, Inc. 14.7 5.3 2.5 2.8x 5.9x

Software Agilysys, Inc. Infrastructure Software Clearlake Capital Group 34.6 225.1 0.3 0.2x NM Twilio, Inc. Software Development Tools Redpoint Ventures 500.0 85.0 ‐ 5.9x NA ISS Group Infrastructure Software P2 Energy Solutions, Inc. 36.8 21.5 1.5 1.7x 24.7x Veramark Technologies Inc. Financial Software Hubspoke Holdings, Inc. 11.8 15.6 1.0 0.8x 11.7x

Information & Business Services Springer Science+Business Media Engineering/Scientific/Tech Information BC Partners Limited 4,400.0 1,289.0 448.1 3.4x 9.8x GFI Informatique S.A. IT Consulting/Systems Integration Boussard & Gavaudan Holding Ltd 333.6 889.8 59.3 0.4x 5.6x R.L. Polk & Company Marketing Data IHS, Inc. 1,400.0 400.0 100.0 3.5x 14.0x Panopticon Software, Inc. Credit/Risk Management Information Datawatch Corporation 31.4 5.0 ‐ 6.3x NA

(1) Zalando sold a four percent stake to Investment AB Kinnevik for $130 million (2) Fanatics sold a six percent stake to Temasek Holdings and Alibaba Group, for $170 million *EBITDA represented by EBIT proxy

5| M&A and Investment Summary June 2013 Selected Transactions with Valuation Information Disclosed (Contd.) ($ in Millions)

IPOs After Final Pricing Target Subsegment Buyer/Investor Ent. Value Re v EBITDA EV/REV EV/EBITDA Digital Media/Commerce Light in the Box eCommerce IPO $912.5 $236.4 $4.9 3.9x NM Digital Advertising Tremor Video Digital Video IPO 600.9 112.7 (6.2) 5.3x NM Technology & Communications Gigamon LLC eCommerce IPO 565.6 105.8 8.8 5.3x 64.3x Gogo Inc. Internet Services Provider IPO 2,194.4 250.0 9.1 8.8x NM Software Textura Corporation Collaboration Software IPO 75.0 27.3 (15.1) 2.7x NM Information & Business Services Luxoft Holding, Inc. IT Consulting/Systems Integration IPO 566.5 314.6 52.1 1.8x 10.9x

Note: IPO multiples based on TTM financials and pro forma balance sheets per latest Registration Filing

6| M&A and Investment Summary June 2013 Securities in Registration ($ in Millions)

Aggregate LTM Date Company Name Segment Offering Value Rev EBITDA

Jun‐13 RetailMeNot, Inc. Digital Advertising $230.0 $155.6 $71.3

Jun‐13 SFX EtEnter titainmen t Inc. TditilTraditional MdiMedia 75. 0 NA NA

Ma y‐13 Covisint Corporation Technology & Communications 100.0 75.0 NA

Apr‐13 Textura Corporation Software 50.0 24.0 (14.2)

Oct‐12 Violin Memory, Inc. Technology & Communications NA 100.0 NA

Jun‐12 goldenTech SA Software 5.2 NA NA

Jun‐12 Shanghai Amarsoft Information Technology Software NA NA NA

Apr‐12 BlackStratus, Inc. Software 20.0 9.2 (0.6)

Apr‐12 NSFOCUS Information Technology Co., Ltd. Technology & Communications NA NA NA

Apr‐12 Shenzhen Tinno Mobile Technology Corp. Technology & Communications 451.0 NA NA

Ma r‐12 Exponential Interactive, Inc. Digital Advertising 75.0 169.1 22.0

Ma r‐12 Reval Holdings, Inc. Software 75.0 47.0 (12.1)

7| M&A and Investment Summary June 2013 LTM IPO Performance

Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jun 29, 2013 1st Trading Day Jun‐13 GIMO Gigamon LLC United States $18.00‐$20.00 $19.00 $28.47, up 50% $27.56 (3.2%) Jun‐13 GOGO Gogo Inc. United States 15.00‐17.00 17.00 16.00, down 6% 13.97 (()12.7%) Jun‐13 JUSTDIAL Just Dial Limited India 8.39‐9.69 9.46 10.77, up 14% 10.94 1.5%

Jun‐13 LITB Light in the Box Chi na 8.50‐10.50 9.50 11.61, up 22% 13.46 15.9% Jun‐13 LXFT Luxoft Holding, Inc. Switzerland 16.00‐18.00 17.00 20.71, up 22% 19.89 (2.4%) Jun‐13 TXTR Textura Corporati on United States 13.00‐15.00 15.00 20.35, up 36% 26.01 27.8% Jun‐13 TRMR Tremor Video, Inc. United States 11.00‐13.00 10.00 8.50, down 15% 9.00 5.9% May‐13 ECOM ChannelAdvisor Corpora ti on Uni ted States 12.00‐14.00 14.00 18.44, up 32% 15.73 (14.7%) May‐13 CYAN Cyan, Inc. United States 10.00‐12.00 11.00 11.14, up 1% 10.45 (6.2%)

May‐13 MKTO Marketo, Inc. United States 11.00‐13.00 13.00 23.10, up 78% 24.87 7.7% May‐13 Q Quintiles Transnational Holdings Inc. United States 36.00‐40.00 40.00 42.11, up 5% 42.56 1.1% May‐13 DATA Tableau Software, Inc. United States 28.00‐30.00 31.00 50.75, up 64% 55.42 9.2% Apr‐13 RALY Rally Software Development Corp. Uni ted States 11.00‐13.00 14.00 17.81, up 27% 24.82 39.4% Mar‐13 MRIN Marin Software United States 11.00‐13.00 14.00 16.26, up 16% 10.24 (37.0%)

Mar‐13 MODN Model N, Inc. United States 12.50‐14.50 15.50 18.45, up 19% 23.36 26.6% Mar‐13 3182 Oisix Inc. Japan 10.42‐12.51 12.51 28.73, up 30% 37.79 31.5% Mar‐13 IPDN Professional Diversity Network LLC United States 10.00‐12.00 8.00 7.67, down 4% 4.19 (45.4%) Feb‐13 DGS Digital Globe Services, Ltd. United States No Range 2.47 2.59, up 5% 3.18 22.9% Feb‐13 3671 Softmax Co., Ltd Japan 11.44‐13.52 13.52 31.16, up 30% 37.33 19.8% Feb‐13 XOOM Xoom Corpora ti on Uni ted States 13.00‐15.00 16.00 25.49, up 59% 22.92 (10.1%)

Nov‐12 3666 Tecnos Japan Incorporated Japan 16.77‐18.72 18.72 27.66, up 48% 19.38 (29.9%) Nov‐12 YY YY, Inc. China 10.50‐12.50 10.50 11.31, up 8% 26.83 137.2% Oct‐12 RKUS RkRuckus Wire less, Inc. UiUnite d States 13. 00‐15. 00 15. 00 12. 25, down 18% 12. 81 46%4.6% Oct‐12 FLTX Fleetmatics Group Limited United States 15.00‐17.00 27.00 22.30, up 31% 33.23 49.0% Oct‐12 RLGY Realogy Holdings Corp. United States 23.00‐27.00 27.00 34.20, up 27% 48.04 40.5%

8| M&A and Investment Summary June 2013 LTM IPO Performance

Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jun 29, 2013 1st Trading Day Oct‐12 SSTK Shutterstock, Inc. United States 13.00‐15.00 17.00 21.66, up 27% 55.78 157.5% Oct‐12 WDAY Workday, Inc. United States 24.00‐26.00 28.00 48.69 , 74% 64.09 30.9% Sep‐12 TRLA Trulia, Inc. United States 14.00‐16.00 17.00 24.00, up 41.8% 31.09 29.5% Aug‐12 PFMT Performant Financial Corpora ti on Uni ted States 12.00‐14.00 9.00 10.60, down 18% 11.59 9.3% Jul‐12 EOPN E2open, Inc. United States 15.00‐17.00 15.00 13.50, down 10% 17.50 29.6% Jul‐12 PANW Palo Alto Networks United States 38.00‐40.00 42.00 53.13, up 27% 42.16 (20.6%)

9| M&A and Investment Summary June 2013 Digital Media/Commerce

. eCommerce was the most active subsegment with 36 transactions announced, of which 27 were reported at $907 million in aggregate value. The highest value subsegment was Mobile Content/Apps, with 17 transactions announced, of which 12 reported $1.3 billion in value . Select acquisitions: • Google’s acquisition of Waze, which operates a social traffic and navigation app, reportedly valued at more than $1 billion • Demand Media’s $94 million acquisition of Society6, an eCommerce marketplace for artists . Select investments: • The $170 million investment in Fanatics, an online retailer of officially licensed sports merchandise, from Temasek Holdings and Alibaba Group, at a $3.1 billion valuation • The $150 million Tencent‐led investment in eCommerce company Fab, at a $1 billion pre‐money valuation • The $60 million Institutional Venture Partners‐led investment in Snapchat, which has developed a photo messaging application for mobile phones, at an $800 million pre‐money valuation

DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM eCommerce 36 44% 906.7 40% 6 94.0 2 ‐ 28 812.7 Social Media/Apps 13 16% 64.3 3% 3 ‐ 0 ‐ 10 64.3 Mobile Content/Apps 17 21% 1,250.4 55% 6 1,100.0 0 ‐ 11 150.4 Niche Content 5 6% 3.3 0% 4 ‐ 0 ‐ 13.3 Gaming 6 7% 26. 6 1% 3 ‐ 0 ‐ 3 26. 6 Classifieds/Auctions/P‐to‐P 4 5% 6.5 0% 0 ‐ 0 ‐ 46.5 Web Search/Portals 1 1% ‐ 0% 1 ‐ 0 ‐ 0 ‐ Total 82 100% 2,257.7 100% 23 1,194.0 2 0.0 57 1,063.7

10 | M&A and Investment Summary June 2013 Digital Media/Commerce Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Mediabistro Inc. * United States 1.65 ‐69% 9.9 16.0 1.6 7.6 12.8 (2.1) NM ‐7.7% 1.2x NM 1‐800‐Flowers.com Inc. United States 6.19 ‐6% 395.2 396.2 17.0 18.0 746.1 44.8 6.0% 3.8% 0.5x 8.8x Amazon.com Inc. United States 277.69 ‐2% 126,416.4 121,561.4 7,895.0 3,040.0 63,978.0 2,710.0 4.2% 24.5% 1.9x 44.9x AOL Inc. United States 36.48 ‐17% 2,825.4 2,473.0 467.8 104.2 2,200.6 482.3 21.9% 0.9% 1.1x 5.1x Baidu, Inc. China 94.60 ‐30% 33,083.3 29,752.9 5,440.7 1,914.2 3,863.1 2,066.3 53.5% 47.1% 7.7x 14.4x Betfair Group PLC United Kingdom 12.96 ‐10% 1,321.0 1,065.5 261.6 ‐ 602.2 117.6 19.5% ‐0.7% 1.8x 9.1x Blue Nile Inc. United States 37.78 ‐13% 468.2 428.4 40.5 0.7 414.0 14.5 3.5% 18.0% 1.0x 29.6x CafePress Inc. United States 6.27 ‐59% 107.4 84.0 26.1 2.7 230.4 10.4 4.5% 25.7% 0.4x 8.1x CyberAgent Inc. Japan 1,914.45 ‐22% 1,192.4 912.4 333.8 0.5 1,647.6 169.2 10.3% 21.0% 0.6x 5.4x Demand Media, Inc. United States 6.00 ‐52% 519.7 410.3 109.4 ‐ 395.0 171.8 43.5% 19.1% 1.0x 2.4x DeNA Co., Ltd. Japan 19.63 ‐43% 2,633.3 1,987.9 714.9 ‐ 2,149.4 879.5 40.9% 38.9% 0.9x 2.3x eBay Inc. United States 51.72 ‐11% 67,121.7 62,235.7 9,402.0 4,516.0 14,543.0 4,310.0 29.6% 17.4% 4.3x 14.4x E‐Commerce China Dangdang Inc. * China 6.94 ‐16% 556.4 463.7 141.0 48.3 875.9 (67.1) NM 35.6% 0.5x NM Expedia Inc. United States 60.15 ‐12% 8,128.8 7,755.2 2,089.1 1,249.4 4,226.2 640.8 15.2% 19.5% 1.8x 12.1x Facebook, Inc. United States 24.88 ‐45% 60,157.5 52,946.5 9,472.0 2,261.0 5,489.0 1,310.0 23.9% 35.9% 9.6x 40.4x G5 Entertainment AB (publ) Sweden 7.61 ‐12% 66.9 60.4 6.8 ‐ 14.0 5.0 35.9% 67.3% 4.3x 12.0x GameLoft SA France 6.99 ‐6% 556.2 483.9 73.4 0.1 274.7 42.8 15.6% 26.7% 1.8x 11.3x Glu Mobile, Inc. * United States 2.21 ‐63% 151.3 130.1 21.2 ‐ 85.1 (8.9) NM 19.3% 1.5x NM Google Inc. United States 880.37 ‐4% 292,076.9 249,354.9 50,098.0 7,376.0 53,499.0 16,813.0 31.4% 33.8% 4.7x 14.8x Gree, Inc. Japan 8.87 ‐50% 2,070.0 1,918.9 394.6 234.4 1,648.9 665.8 40.4% 11.5% 1.2x 2.9x Hollywood Media Corp. * United States 1.34 ‐11% 30.4 20.5 9.9 0.1 0.5 (6.1) NM 90.2% 39.3x NM HSN, Inc. United States 53.72 ‐12% 2,867.3 2,967.2 150.9 250.7 3,301.5 286.3 8.7% 6.2% 0.9x 10.4x IAC/InterActiveCorp United States 47.58 ‐14% 3,983.4 3,993.1 679.6 580.0 2,902.6 451.0 15.5% 29.6% 1.4x 8.9x International Game Technology United States 16.71 ‐11% 4,351.3 5,944.1 236.5 1,829.3 2,294.1 840.8 36.7% 13.8% 2.6x 7.1x Jiayuan.com International Ltd. China 5.20 ‐68% 156.1 66.4 89.8 ‐ 70.0 11.5 16.4% 24.2% 0.9x 5.8x Kongzhong Corp. China 6.50 ‐21% 272.7 142.8 139.0 9.1 184.2 31.1 16.9% 15.6% 0.8x 4.6x LifeLock, Inc. United States 11.71 ‐6% 1,018.0 872.7 145.3 ‐ 300.9 21.3 7.1% 44.9% 2.9x 40.9x LightInTheBox Holding Co., Ltd. * China 13.46 ‐26% 658.9 641.4 25.9 8.4 236.4 4.9 2.1% 88.9% 2.7x 131.2x LinkedIn Corporation * United States 178.30 ‐12% 19,677.9 18,847.6 830.3 ‐ 1,108.6 149.5 13.5% 79.8% 17.0x 126.1x Liquidity Services, Inc. * United States 34.67 ‐40% 1,096.4 1,039.2 57.2 ‐ 496.1 NA NA 25.8% 2.1x NA MeetMe, Inc. * United States 1.63 ‐62% 62.1 62.2 4.3 4.3 44.1 (4.0) NM 133.7% 1.4x NM Mercadolibre, Inc. Argentina 107.76 ‐16% 4,757.9 4,564.4 197.7 0.2 392.6 142.9 36.4% 22.2% 11.6x 31.9x Mixi, Inc. Japan 13.34 ‐44% 206.9 73.9 140.1 ‐ 134.1 33.5 25.0% ‐5.3% 0.6x 2.2x NCsoft Corporation South Korea 141.47 ‐44% 2,812.8 2,314.7 539.6 9.5 716.6 172.7 24.1% 34.1% 3.2x 13.4x Netflix, Inc. * United States 211.09 ‐15% 12,337.3 12,011.4 1,025.9 700.0 3,763.5 129.9 3.5% 12.1% 3.2x 92.4x Nexon Co. Ltd. Japan 11.02 ‐35% 4,827.4 4,255.4 1,173.2 529.5 1,299.8 687.6 52.9% 0.0% 3.3x 6.2x OpenTable, Inc. United States 63.95 ‐11% 1,457.0 1,360.4 96.6 ‐ 167.8 49.0 29.2% 15.6% 8.1x 27.8x Orbitz Worldwide, Inc. United States 8.03 ‐8% 846.8 1,077.0 219.8 450.0 791.9 106.5 13.4% 2.6% 1.4x 10.1x Overstock.com Inc. United States 28.20 ‐1% 666.9 585.0 81.9 ‐ 1,148.9 32.4 2.8% 9.3% 0.5x 18.1x Pacific Online Ltd. China 0.44 ‐10% 477.9 407.3 70.6 ‐ 114.8 49.0 42.7% 11.8% 3.5x 8.3x Pandora Media, Inc. * United States 18.40 ‐5% 3,216.4 3,140.9 75.4 ‐ 471.9 (38.5) NM 55.2% 6.7x NM PC Home Online Inc. Taiwan 5.24 ‐17% 431.3 343.2 101.8 ‐ 507.2 19.5 3.8% 7.9% 0.7x 17.6x Perform Group plc. United Kingdom 7.71 ‐18% 1,842.6 1,804.6 54.6 11.5 246.4 53.6 21.7% 46.9% 7.3x 33.7x Phoenix New Media Limited China 5.49 ‐7% 422.9 231.0 191.9 ‐ 185.6 18.1 9.8% 13.3% 1.2x 12.7x priceline.com Incorporated United States 826.67 ‐2% 42,639.6 39,111.1 5,181.6 1,462.2 5,525.7 1,983.5 35.9% 20.6% 7.1x 19.7x Rakuten, Inc. Japan 11.82 ‐13% 15,552.4 15,766.4 3,284.8 3,445.1 4,861.4 1,133.7 23.3% 16.9% 3.2x 13.9x Rediff.com India Limited * India 2.42 ‐48% 66.8 42.2 ‐ ‐ 15.7 (8.2) NM ‐21.5% 2.7x NM Renren Inc. * China 2.99 ‐35% 1,132.6 278.1 854.7 ‐ 190.6 (80.6) NM 47.2% 1.5x NM Shutterfly, Inc. United States 55.91 ‐1% 2,123.0 1,958.6 164.5 ‐ 666.0 83.3 12.5% 31.3% 2.9x 23.5x Shutterstock, Inc. United States 55.78 ‐3% 1,870.0 1,763.0 107.0 ‐ 183.2 38.5 21.0% 38.4% 9.6x 45.8x 11 | M&A and Investment Summary June 2013 Digital Media/Commerce Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Mediabistro Inc. * United States 1.65 ‐69% 9.9 16.0 1.6 7.6 12.8 (2.1) NM ‐7.7% 1.2x NM Sky‐mobi Limited China 3.11 ‐11% 98.0 (1.3) 99.4 ‐ 96.7 4.6 4.7% ‐12.3% NM NM Spark Networks, Inc. * United States 8.45 ‐9% 195.5 187.5 8.0 ‐ 64.5 (7.6) NM 23.7% 2.9x NM Stamps.com Inc. United States 39.39 ‐2% 608.5 561.3 47.3 ‐ 119.5 29.5 24.7% 11.6% 4.7x 19.1x Taomee Holdings Ltd. China 4.64 ‐12% 169.6 53.6 116.1 ‐ 39.4 4.3 10.9% ‐9.3% 1.4x 12.4x The Active Network, Inc. United States 7.57 ‐51% 466.9 364.4 107.0 4.5 430.5 11.0 2.6% 19.9% 0.8x 33.1x TheStreet, Inc. * United States 1.86 ‐7% 63.0 16.2 46.9 ‐ 50.5 (1.3) NM ‐10.6% 0.3x NM United Online, Inc. United States 7.58 ‐3% 701.2 813.0 132.3 244.1 876.0 93.9 10.7% ‐2.5% 0.9x 8.7x ValueVision Media Inc. United States 5.11 ‐6% 252.3 256.6 33.7 38.0 601.6 8.1 1.4% 9.1% 0.4x 31.6x Vipshop Holdings Limited * China 29.16 ‐24% 1,611.2 1,238.5 372.7 ‐ 901.5 7.5 0.8% 201.0% 1.4x 164.5x WebMD Health Corp. United States 29.37 ‐7% 1,441.9 1,242.7 999.2 800.0 475.7 40.2 8.5% ‐10.9% 2.6x 30.9x Yahoo! Inc. United States 25.13 ‐9% 27,206.6 24,275.5 3,013.2 36.0 4,905.7 1,327.1 27.1% ‐1.7% 4.9x 18.3x Yandex N.V. Netherlands 27.65 ‐34% 9,096.4 8,747.9 348.4 ‐ 995.0 435.4 43.8% 40.3% 8.8x 20.1x YY Inc. China 26.83 ‐13% 1,458.5 1,216.4 242.2 ‐ 160.6 32.2 20.0% 151.5% 7.6x 37.8x Zynga, Inc. United States 2.78 ‐50% 2,207.0 1,038.3 1,268.7 100.0 1,223.9 143.7 11.7% 0.5% 0.8x 7.2x

Adjusted Weighted Average 4.7x 22.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (58.7x)

12 | M&A and Investment Summary June 2013 Digital Advertising

. Local Search and Vertical Search were the most active Digital Advertising subsegments, with a combined total of 16 transactions announced, of which nine were reported at $52 million in aggregate reported value . SlSelec t acquiiitisitions: • ReviMedia’s acquisition of N2O Interactive, which offers a pay per lead advertising platform • Huntsman Gay Global Capital ‘s acquisition of MyWebGrocer, which offers Web and digital marketing services for grocery stores . Select investments: • The $22 million investment in MDx Medical, the operator of health‐care website Vitals.com, where users can comparison‐shop for doctors by reading reviews and comparing prices, led by Piper Jaffray Merchant Banking • The $15 million investment in Wrapp, a Sweden‐based company offering a social gifting app that allows people to send each other free digital coupons as gifts via SMS and social networks that can be redeemed in physical retail stores, from Greylock Partners, Atomico, and American Express

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Local Search 11 37% 40.3 52% 4 ‐ 0 ‐ 7 40.3 Vertical Search 5 17% 12.0 16% 0 ‐ 0 ‐ 5 12.0 Digital Promotion/Coupon 3 10% 20.5 27% 0 ‐ 0 ‐ 3 20.5 Search Marketing 3 10% 2.2 3% 2 ‐ 0 ‐ 12.2 Ad Networks/Exchanges 2 7% ‐ 0% 1 ‐ 1 ‐ 0 ‐ Online Lead Generation 2 7% 1.2 2% 1 ‐ 0 ‐ 11.2 Other* 4 13% 1.2 2% 2 ‐ 0 ‐ 21.2 Total 30 100% 77.4 100% 10 0.0 1 0.0 19 77.4 *Other includes Affiliate/CPA Network, Digital Video, and Mobile Marketing

13 | M&A and Investment Summary June 2013 Digital Advertising Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Angie's List, Inc. United States 26.68 ‐4% 1,550.2 1,502.2 62.9 14.9 176.9 (43.0) NM 70.9% 8.5x NM Autobytel Inc. United States 4.59 ‐10% 40.7 31.0 14.7 5.0 68.4 3.2 4.7% 6.0% 0.5x 9.7x Bankrate, Inc. United States 14.55 ‐26% 1,455.7 1,560.5 89.2 194.0 440.6 105.1 23.8% ‐2.1% 3.5x 14.9x Blinkx plc United States 1.71 ‐21% 624.8 568.8 55.9 ‐ 198.0 28.2 14.2% 73.0% 2.9x 20.2x Blucora, Inc. United States 18.60 ‐3% 762.4 614.0 401.7 253.3 456.6 81.5 17.8% 55.9% 1.3x 7.5x Constant Contact, Inc. United States 16.04 ‐24% 492.6 395.3 97.3 ‐ 260.4 19.0 7.3% 16.1% 1.5x 20.8x Ctrip.com International Ltd. China 32.72 ‐7% 4,246.0 3,658.2 873.2 252.6 709.3 118.5 16.7% 21.0% 5.2x 30.9x Demand Media, Inc. United States 6.14 ‐51% 531.8 422.5 109.4 ‐ 395.0 70.8 17.9% 19.1% 1.1x 6.0x Dice Holdings, Inc. United States 9.12 ‐13% 546.0 534.4 45.6 34.0 199.7 69.1 34.6% 7.8% 2.7x 7.7x Digital Globe Services Inc. United States 3.19 ‐14% 94.7 96.5 0.9 2.9 22.8 3.6 15.8% 0.0% 4.2x 26.7x eHealth, Inc. United States 23.56 ‐16% 458.7 345.1 113.6 ‐ 161.6 21.2 13.1% 6.9% 2.1x 16.3x ExactTarget, Inc. United States 33.67 0% 2,345.0 2,244.0 101.0 ‐ 317.1 (0.6) NM 39.4% 7.1x NM Google Inc. United States 877.07 ‐5% 290,982.1 248,260.1 50,098.0 7,376.0 53,499.0 16,813.0 31.4% 33.8% 4.6x 14.8x Groupon, Inc. United States 8.39 ‐21% 5,550.5 4,382.4 1,165.7 ‐ 2,376.6 142.6 6.0% 26.8% 1.8x 30.7x Hi‐Media S.A. France 2.17 ‐26% 96.9 123.5 27.4 52.7 256.8 17.2 6.7% ‐15.3% 0.5x 7.2x HomeAway, Inc. * United States 32.53 ‐5% 2,763.0 2,448.6 314.4 ‐ 295.8 56.4 19.1% 22.0% 8.3x 43.4x Just Dial Limited * India 10.45 ‐8% 730.4 651.4 35.5 0.0 52.1 13.8 26.5% 43.9% 12.5x 47.1x LeGuide.com S.A. France 36.15 ‐1% 128.5 96.1 32.8 ‐ 57.7 15.5 26.8% 53.6% 1.7x 6.2x MakeMyTrip Limited India 13.96 ‐25% 524.9 443.2 83.7 1.3 228.8 (15.1) NM 16.4% 1.9x NM Millennial Media Inc. United States 8.70 ‐48% 692.0 558.5 133.5 ‐ 194.2 (1.7) NM 68.7% 2.9x NM Monster Worldwide, Inc. United States 4.86 ‐46% 566.4 604.6 130.9 169.1 868.6 135.5 15.6% ‐10.1% 0.7x 4.5x Move, Inc. United States 12.85 ‐1% 512.3 482.1 30.2 ‐ 205.7 15.3 7.4% 8.1% 2.3x 31.5x Opera Software ASA Norway 7.87 ‐1% 962.3 910.5 53.6 ‐ 231.1 62.8 27.2% 35.9% 3.9x 14.5x OPT, Inc. Japan 7.93 ‐34% 233.6 128.1 130.7 6.5 873.0 26.6 3.0% 26.2% 0.1x 4.8x Pacific Online Ltd. China 0.43 ‐12% 468.0 397.5 70.6 ‐ 114.8 49.0 42.7% 11.8% 3.5x 8.1x QuinStreet, Inc. United States 8.36 ‐18% 358.4 342.0 113.8 97.4 315.1 38.0 12.1% ‐16.8% 1.1x 9.0x ReachLocal, Inc. United States 12.72 ‐27% 361.5 273.2 88.2 ‐ 473.2 9.2 1.9% 19.7% 0.6x 29.7x Responsys, Inc. United States 14.39 ‐5% 710.4 605.0 106.3 0.9 173.3 19.5 11.2% 21.3% 3.5x 31.1x Rightmove plc * United Kingdom 32.10 ‐1% 3,169.7 3,158.9 11.5 ‐ 194.0 136.3 70.3% 23.0% 16.3x 23.2x Rovi Corporation United States 23.06 ‐13% 2,322.9 2,971.1 737.8 1,386.0 633.6 216.3 34.1% ‐9.5% 4.7x 13.7x Septeni Holdings Co., Ltd. Japan 1,095.70 ‐40% 138.1 95.3 61.2 8.8 459.7 18.4 4.0% 15.9% 0.2x 5.2x The Active Network, Inc. United States 7.27 ‐53% 448.4 345.9 107.0 4.5 430.5 11.0 2.6% 19.9% 0.8x 31.4x TiVo Inc. United States 10.86 ‐23% 1,374.8 976.4 570.9 172.5 318.7 (14.8) NM 22.5% 3.1x NM TradeDoubler AB Sweden 2.55 ‐8% 108.7 86.4 23.0 ‐ 336.2 2.7 0.8% ‐15.6% 0.3x 31.7x Tree.Com, Inc. * United States 17.08 ‐21% 192.2 118.8 73.3 ‐ 92.3 1.8 1.9% 71.1% 1.3x 67.1x TripAdvisor Inc. * United States 60.84 ‐7% 8,722.7 8,707.9 406.1 391.3 809.2 324.4 40.1% 20.5% 10.8x 26.8x Trulia, Inc. * United States 30.24 ‐21% 974.6 770.2 214.3 9.9 79.9 (4.2) NM 87.8% 9.6x NM ValueClick, Inc. United States 24.47 ‐24% 1,865.0 1,815.8 129.1 80.0 679.9 211.7 31.1% 21.7% 2.7x 8.6x Velti Plc Ireland 1.38 ‐87% 125.2 156.1 16.3 47.8 259.6 (4.9) NM 22.8% 0.6x NM Vocus Inc. * United States 10.47 ‐49% 220.9 258.3 41.0 0.9 182.2 2.6 1.4% 48.4% 1.4x 101.1x Voltari Corporation United States 3.62 ‐62% 16.9 13.2 54.3 23.0 85.6 15.7 18.3% ‐11.0% 0.2x 0.8x Web.com Group, Inc. United States 25.01 2% 1,191.9 1,878.0 13.6 699.7 431.7 68.5 15.9% 71.8% 4.4x 27.4x Yahoo! Inc. United States 25.47 ‐8% 27,574.7 24,643.6 3,013.2 36.0 4,905.7 1,327.1 27.1% ‐1.7% 5.0x 18.6x Yelp, Inc. * United States 34.33 ‐5% 2,212.3 2,117.8 94.5 ‐ 156.3 (4.5) NM 66.0% 13.5x NM Youku Tudou Inc. China 19.22 ‐24% 3,168.9 2,601.9 567.7 0.7 328.4 (1.6) NM 96.3% 7.9x NM Zillow, Inc. * United States 57.84 ‐9% 1,997.1 1,818.1 179.1 ‐ 133.0 8.1 6.1% 71.3% 13.7x 224.0x

Adjusted Weighted Average 4.8x 16.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (43.0x)

14 | M&A and Investment Summary June 2013 Marketing Technology

. There were 77 deals announced in the Marketing Technology segment, of which 55 reported $5.2 billion in value . Select acquisitions: • Salesforce.com’s proposed $2.5 billion acquisition of ExactTarget, and its acquisition of EdgeSpring, an enterprise business intelligence and analytics startup • SAP’s $1.5 billion acquisition of Hybris, a provider of multi‐channel communication and commerce software solutions . Select investments: • The $43 million Insight Venture Partners‐led investment in BrightEdge, a company that offers tools for search engine optimization and content marketing • The $30 million investment in Dataminr, a provider of real‐time social media analytics for the financial and government markets, co‐ led by Venrock and Institutional Venture Partners

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Content Management 12 16% 64.5 1% 2 ‐ 0 ‐ 10 64.5 Analytics & Repgporting 10 13% 30.3 1% 4 ‐ 0 ‐ 630.3 BI Tools 9 12% 146.0 3% 4 ‐ 1 8.0 4 138.0 Mobile Technology 8 10% 100.0 2% 0 ‐ 0 ‐ 8 100.0 Social Technology 6 8% 36.9 1% 1 ‐ 0 ‐ 536.9 CRM 5 6% 22.8 0% 1 ‐ 0 ‐ 422.8 SEM/SEO Tools 2 3% 44.3 1% 0 ‐ 0 ‐ 244.3 Other* 25 32% 4,762.3 91% 10 4,680.0 1 ‐ 14 82.3 Total 77 100% 5,207.0 100% 22 4,680.0 2 8.0 53 519.0 *Other includes Ad Serving, Commerce Management, Email/Messaging Software, Market Research Software, Media Management System, MRM/Worflow Management, Online Targeting/Optimization, Product/Price Software, Search & Discovery, SFA/Lead Management, and Teleservices/eServices 15 | M&A and Investment Summary June 2013 Marketing Technology Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Actuate Corporation United States 6.64 ‐8% 314.2 246.9 68.2 0.8 138.9 21.1 15.2% 0.9% 1.8x 11.7x Adobe Systems Inc. United States 45.56 ‐3% 22,883.0 20,542.9 3,865.7 1,525.6 4,252.4 1,133.1 26.6% ‐1.9% 4.8x 18.1x Bazaarvoice, Inc. United States 9.43 ‐50% 686.2 590.9 95.3 ‐ 160.3 (39.2) NM 51.0% 3.7x NM Bitauto Holdings Limited China 10.97 ‐17% 435.9 349.0 86.8 ‐ 179.9 30.5 17.0% 51.5% 1.9x 11.4x Blackbaud Inc. United States 32.57 ‐5% 1,486.6 1,690.3 8.4 212.1 468.3 71.9 15.3% 23.6% 3.6x 23.5x Brightcove, Inc. United States 8.76 ‐49% 246.3 219.4 26.9 ‐ 92.8 (9.2) NM 31.7% 2.4x NM Constant Contact, Inc. United States 16.07 ‐24% 493.5 396.2 97.3 ‐ 260.4 19.0 7.3% 16.1% 1.5x 20.8x Dealertrack Technologies, Inc. United States 35.43 ‐2% 1,540.8 1,534.2 170.9 164.2 406.3 55.9 13.8% 10.5% 3.8x 27.4x Demandware, Inc. * United States 42.41 0% 1,279.2 1,177.1 107.2 5.0 83.9 (9.0) NM 37.5% 14.0x NM Digital Generation, Inc. United States 7.37 ‐42% 204.7 560.5 47.3 403.1 385.7 100.7 26.1% 9.1% 1.5x 5.6x Digital River Inc. United States 18.77 ‐1% 662.0 325.2 645.4 308.6 397.5 35.8 9.0% ‐1.2% 0.8x 9.1x E2open, Inc. United States 17.50 ‐20% 451.1 416.9 35.6 1.4 74.9 0.6 0.8% 25.6% 5.6x NM eBay Inc. United States 51.72 ‐11% 67,121.7 62,235.7 9,402.0 4,516.0 14,543.0 4,310.0 29.6% 17.4% 4.3x 14.4x ExactTarget, Inc. United States 33.72 0% 2,348.5 2,247.5 101.0 ‐ 317.1 (0.6) NM 39.4% 7.1x NM Informatica Corporation United States 34.98 ‐20% 3,780.6 3,189.5 592.9 ‐ 829.9 169.5 20.4% 2.2% 3.8x 18.8x Infosystems S.A. Poland 1.05 ‐38% 4.3 4.0 ‐ ‐ 2.5 0.6 23.7% 54.6% 1.6x 6.7x Interactive Intelligence Group Inc. United States 51.60 ‐3% 1,026.7 958.0 68.7 ‐ 257.8 14.9 5.8% 20.2% 3.7x 64.5x International Business Machines Corporation United States 191.11 ‐11% 211,901.6 233,362.6 12,058.0 33,397.0 103,242.0 26,399.0 25.6% ‐3.5% 2.3x 8.8x Jive Software, Inc. United States 18.17 ‐17% 1,210.8 1,077.2 143.8 10.2 122.2 (43.3) NM 41.2% 8.8x NM LivePerson Inc. United States 8.96 ‐54% 493.2 398.4 94.8 ‐ 163.1 14.3 8.7% 17.0% 2.4x 27.9x Marin Software Incorporated United States 10.24 ‐49% 333.7 224.2 115.5 6.0 63.7 (25.4) NM 0.0% 3.5x NM Market Leader, Inc. United States 10.70 ‐4% 289.1 267.1 22.0 ‐ 47.7 (3.9) NM 29.1% 5.6x NM Marketo, Inc. United States 24.87 ‐7% 889.9 857.4 36.2 3.6 65.9 (35.1) NM 0.0% 13.0x NM Mercadolibre, Inc. Argentina 107.76 ‐16% 4,757.9 4,564.4 197.7 0.2 392.6 142.9 36.4% 22.2% 11.6x 31.9x MicroStrategy Inc. United States 86.96 ‐37% 982.7 652.5 330.2 ‐ 586.5 40.7 6.9% 1.4% 1.1x 16.0x NetSuite Inc. * United States 91.74 ‐4% 6,768.8 6,592.1 190.7 14.0 331.1 (21.0) NM 31.3% 19.9x NM Nuance Communications, Inc. United States 18.40 ‐29% 5,846.6 7,187.5 1,005.3 2,341.6 1,813.8 371.8 20.5% 25.4% 4.0x 19.3x Open Text Corporation Canada 68.47 ‐7% 4,012.8 4,139.4 446.9 573.5 1,321.7 390.7 29.6% 11.3% 3.1x 10.6x Opera Software ASA Norway 7.71 ‐2% 942.3 890.9 53.6 ‐ 231.1 62.8 27.2% 35.9% 3.9x 14.2x Oracle Corporation United States 30.71 ‐16% 142,212.1 128,987.1 32,216.0 18,494.0 37,180.0 17,333.0 46.6% 0.2% 3.5x 7.4x Pitney Bowes Inc. United States 14.68 ‐11% 2,957.6 6,339.9 947.4 4,032.6 4,850.8 954.9 19.7% ‐3.4% 1.3x 6.6x PTC Inc. United States 24.53 ‐6% 2,930.9 2,998.2 240.8 308.1 1,270.0 239.2 18.8% 1.5% 2.4x 12.5x Qlik Technologies, Inc. * United States 28.27 ‐10% 2,460.1 2,245.4 214.8 0.2 405.9 11.5 2.8% 20.5% 5.5x 194.8x RealNetworks Inc. United States 7.56 ‐14% 267.8 7.2 260.6 ‐ 248.7 (19.2) NM ‐21.1% 0.0x NM Responsys, Inc. United States 14.31 ‐5% 706.4 601.1 106.3 0.9 173.3 19.5 11.2% 21.3% 3.5x 30.9x Sage Group plc United Kingdom 5.17 ‐13% 5,706.8 6,056.4 133.0 483.5 2,088.2 617.6 29.6% 2.9% 2.9x 9.8x Salesforce.com, Inc United States 38.18 ‐20% 22,523.7 22,118.3 2,099.8 1,694.4 3,247.4 72.5 2.2% 32.1% 6.8x NM SAP AG Germany 73.04 ‐13% 87,098.9 87,677.4 5,896.6 6,455.3 21,108.3 7,142.0 33.8% 13.2% 4.2x 12.3x Sky‐mobi Limited China 3.11 ‐11% 98.0 (1.3) 99.4 ‐ 96.7 4.6 4.7% ‐12.3% NM NM Synchronoss Technologies, Inc. United States 30.87 ‐6% 1,184.7 1,127.4 66.5 9.3 287.4 62.7 21.8% 19.4% 3.9x 18.0x Tableau Software, Inc. * United States 55.42 ‐7% 3,187.5 3,147.0 40.5 ‐ 143.1 0.2 0.1% 0.0% 22.0x NM Teradata Corporation United States 50.23 ‐38% 8,207.6 7,625.6 853.0 271.0 2,639.0 615.0 23.3% 6.9% 2.9x 12.4x The Active Network, Inc. United States 7.57 ‐51% 466.9 364.4 107.0 4.5 430.5 11.0 2.6% 19.9% 0.8x 33.1x TIBCO Software Inc. United States 21.41 ‐35% 3,512.4 3,318.0 726.6 532.1 1,035.2 193.4 18.7% 4.4% 3.2x 17.2x Verint Systems Inc. United States 35.47 ‐4% 1,869.5 2,205.7 319.3 649.5 847.7 157.7 18.6% 5.6% 2.6x 14.0x Vocus Inc. * United States 10.52 ‐49% 221.9 259.3 41.0 0.9 182.2 2.6 1.4% 48.4% 1.4x 101.5x

Adjusted Weighted Average 3.5x 10.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (62.0x)

16 | M&A and Investment Summary June 2013 Agency & Marketing Services

. There were 23 transactions announced in the Agency and Marketing Services segment. Digital Agency was the most active subsegment with eight acquisitions announced . SlSelec t acquiiitisitions: • Match Marketing Group’s acquisition of Canada‐based shopper marketing agency SVM • Ketchum’s acquisition of Germany‐based Brandzeichen, a creative brand public relations agency • LEWIS PR’s acquisition of Davies Murphy Group, a $9 million public relations and marketing consultancy with offices in the U.S., UK, and Germany . Select investments: • The $21 million Chestnut Hill Ventures‐led investment in Affinity Solutions, a provider of transaction‐enabled relationship marketing programs

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 8 35% ‐ 0% 7 ‐ 0 ‐ 1 ‐ Public Relations 5 22% ‐ 0% 4 ‐ 1 ‐ 0 ‐ Marketing Consulting 4 17% ‐ 0% 3 ‐ 0 ‐ 1 ‐ Promotion Agency 3 13% ‐ 0% 3 ‐ 0 ‐ 0 ‐ Branded Communications 1 4% ‐ 0% 1 ‐ 0 ‐ 0 ‐ Loyalty/Retention 1 4% 21.0 100% 0 ‐ 0 ‐ 121.0 Retail Services 1 4% ‐ 0% 1 ‐ 0 ‐ 0 ‐ Total 23 100% 21.0 100% 19 0.0 1 0.0 3 21.0

17 | M&A and Investment Summary June 2013 Agency Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cello Group Plc United Kingdom $0.79 ‐12% $65.3 $78.8 $219.7 $12.8 5.8% 5.8% 0.4x 6.1x Charm Communications Inc. China 4.51 ‐38% 180.5 90.9 170.1 (3.8) NM ‐32.4% 0.5x NM Chime Communications plc * United Kingdom 3.95 ‐6% 333.8 329.5 559.5 19.3 3.5% 20.5% 0.6x 17.1x Creston plc United Kingdom 1.64 ‐1% 99.4 82.3 114.2 18.3 16.0% 0.4% 0.7x 4.5x Dentsu Inc. Japan 34.80 ‐13% 8,670.6 8,993.7 20,608.6 771.7 3.7% 2.5% 0.4x 11.7x Enero Group Limited Australia 0.31 ‐49% 26.7 12.1 307.1 3.8 1.2% ‐17.8% 0.0x 3.2x Havas France 6.28 ‐9% 2,443.7 2,801.8 2,344.3 365.2 15.6% 8.1% 1.2x 7.7x Huntsworth plc United Kingdom 0.87 ‐11% 214.3 317.2 281.2 53.4 19.0% ‐1.8% 1.1x 5.9x M&C Saatchi plc United Kingdom 3.66 ‐14% 247.0 223.6 275.5 31.8 11.6% 10.7% 0.8x 7.0x MDC Partners Inc. * United States 17.73 ‐3% 556.7 1,195.3 1,102.6 77.5 7.0% 14.8% 1.1x 15.4x Next Fifteen Communications Group plc United Kingdom 1.29 ‐28% 77.1 88.6 147.2 17.3 11.7% 2.6% 0.6x 5.1x Omnicom Group Inc. United States 62.03 ‐4% 16,040.0 19,084.5 14,311.0 2,097.9 14.7% 2.0% 1.3x 9.1x OPT, Inc. Japan 8.35 ‐31% 246.1 139.7 873.0 26.6 3.0% 26.2% 0.2x 5.3x Publicis Groupe SA France 70.21 ‐7% 14,744.9 14,537.6 8,715.1 1,674.5 19.2% 13.7% 1.7x 8.7x Sapient Corp. United States 12.81 ‐4% 1,789.0 1,569.6 1,153.3 142.6 12.4% 10.9% 1.4x 11.0x The Interpublic Group of Companies, Inc. United States 14.27 ‐5% 6,113.7 7,185.7 6,992.4 826.6 11.8% ‐0.8% 1.0x 8.7x WPP plc United Kingdom 16.74 ‐9% 23,138.3 27,858.6 16,860.0 2,851.2 16.9% 3.5% 1.7x 9.8x

Adjusted Weighted Average 1.3x 9.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.4x)

18 | M&A and Investment Summary June 2013 Marketing Services Public Company Valuation

Adjusted Weighted Average 2.3x 10.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (32.1x)

19 | M&A and Investment Summary June 2013 Traditional Media

. There were a total of 21 transactions announced (18 acquisitions and three investments) in the Traditional Media segment in June. Of those, six were reported at $3.8 billion in aggregate value . SlSelec t acquiiitisitions: • Vodafone’s proposed $13.9 billion acquisition of Germany‐based cable television company Kabel Deutschland* • Gannett’s announced $2.2 billion acquisition of television station owner and operator Belo • The proposed merger of Media General, a television broadcast and digital company, with media company Young Broadcasting, which owns and operates television stations, Websites, and mobile news applications

TRADITIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Entertainment Media 6 29% 1,480.7 39% 4 20.7 2 1,460.0 0 ‐ B‐to‐B Media 3 14% ‐ 0% 3 ‐ 0 ‐ 0 ‐ Cable & Satellite Television 3 14% 35.8 1% 1 35.8 1 ‐ 1 ‐ Broadcast Television 3 14% 2,200.0 58% 2 2,200.0 1 ‐ 0 ‐ Digital Place‐Based Media 2 10% 63.5 2% 0 ‐ 0 ‐ 263.5 Radio 2 10% ‐ 0% 1 ‐ 1 ‐ 0 ‐ Consumer Book Publishing 2 10% ‐ 0% 2 ‐ 0 ‐ 0 ‐ Total 21 100% 3,780.0 100% 13 2,256.5 5 1,460.0 3 63.5

* Aggregate totals do not include Vodafone’s acquisition of Kabel Deutschland

20 | M&A and Investment Summary June 2013 Traditional Media Public Company Valuation

($ in Millions, except stock price data)

Large Cap Diversified Media Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States 48.87 ‐7% 31,051.4 37,109.4 409.0 6,467.0 14,333.0 3,597.0 25.1% 2.9% 2.6x 10.3x Discovery Communications, Inc. * United States 77.24 ‐5% 27,171.9 31,161.9 2,474.0 6,429.0 4,558.0 1,965.0 43.1% 6.0% 6.8x 15.9x Twenty‐First Century Fox, Inc. United States 32.58 ‐4% 75,649.4 86,629.4 9,324.0 16,474.0 35,469.0 6,975.0 119.7%9.7% 3.4% 22.4x.4x 1212.4x.4x Time Warner Inc. United States 57.82 ‐6% 53,898.3 70,847.3 2,493.0 19,441.0 28,689.0 7,427.0 25.9% ‐2.0% 2.5x 9.5x Viacom, Inc. United States 68.03 ‐4% 33,009.9 40,835.9 1,260.0 8,933.0 13,053.0 3,829.0 29.3% ‐13.6% 3.1x 10.7x The Walt Disney Company United States 63.15 ‐7% 113,729.4 128,769.4 3,952.0 16,937.0 43,765.0 11,353.0 25.9% 5.4% 2.9x 11.3x

Adjusted Weighted Average 2.7x 11.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.0x)

B‐to‐B Media Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Euromoney Institutional Investor PLC United Kingdom 15.55 ‐3% 1,960.0 2,029.3 26.9 84.7 595.3 178.1 29.9% 1.8% 3.4x 11.4x Global Sources Ltd. Hong Kong 6.71 ‐21% 230.8 145.4 96.4 ‐ 218.3 43.8 20.1% ‐3.6% 0.7x 3.3x Informa plc Switzerland 7.45 ‐9% 4,492.8 5,712.3 38.8 1,343.0 2,003.3 599.4 29.9% ‐3.4% 2.9x 9.5x TechTarget, Inc. United States 4.47 ‐26% 171.8 139.9 32.0 ‐ 95.8 11.3 11.8% ‐10.1% 1.5x 12.4x The Dolan Company United States 1.63 ‐76% 49.4 201.0 2.4 151.4 249.2 27.8 11.2% ‐2.9% 0.8x 7.2x UBM plc United Kingdom 9.97 ‐17% 2,432.2 3,359.3 127.6 1,074.8 1,296.7 315.3 24.3% 2.0% 2.6x 10.7x

Adjusted Weighted Average 2.8x 10.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.4x)

Radio Broadcasting Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Beasley Broadcast Group Inc. United States 8.38 ‐8% 191.5 293.0 14.2 115.8 101.8 29.9 29.4% 3.9% 2.9x 9.8x CC Media Holdings, Inc. United States 5.31 ‐24% 459.5 20,510.5 721.6 20,479.4 6,229.2 1,894.3 30.4% 0.5% 3.3x 10.8x Cumulus Media Inc. United States 3.39 ‐13% 596.5 3,284.6 82.8 2,698.5 1,073.5 344.3 32.1% 52.4% 3.1x 9.5x Dial Global, Inc. * United States 0.27 ‐93% 15.4 303.7 8.4 286.0 239.0 4.7 2.0% 82.0% 1.3x 64.3x Emmis Communications Corp. United States 2.14 ‐17% 88.6 273.0 5.0 141.8 197.7 32.6 16.5% 1.9% 1.4x 8.4x Entercom Communications Corp. United States 9.44 ‐7% 351.1 906.4 6.5 561.8 387.3 109.7 28.3% 1.9% 2.3x 8.3x Journal Communications Inc. United States 7497.49 ‐3% 381. 0 618. 2 212.1 239. 3 412. 5 91. 3 22. 1% 16. 1% 15x1.5x 68x6.8x Radio One Inc. United States 2.32 ‐13% 114.3 1,103.8 49.6 817.4 420.7 151.8 36.1% 4.6% 2.6x 7.3x Salem Communications Corp. United States 7.49 ‐26% 184.9 491.4 0.1 306.7 230.5 49.0 21.3% 4.2% 2.1x 10.0x SIRIUS XM Radio Inc. * United States 3.35 ‐8% 21,380.3 23,561.9 206.7 2,388.3 3,494.7 1,186.9 34.0% 12.9% 6.7x 19.9x Spanish Broadcasting System Inc. United States 3.50 ‐30% 25.4 360.5 37.4 280.1 146.5 46.5 31.7% 3.0% 2.5x 7.8x Pandora Media, Inc. * United States 18.40 ‐5% 3,216.4 3,140.9 75.4 ‐ 471.9 (38.5) NM 55.2% 6.7x NM

Adjusted Weighted Average 4.9x 18.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.1x)

21 | M&A and Investment Summary June 2013 Traditional Media Public Company Valuation

($ in Millions, except stock price data)

Broadcast, Cable, and Satellite Television Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMC Networks Inc. * United States 65.33 ‐8% 4,716.1 6,350.0 554.9 2,188.9 1,408.3 482.3 34.2% 13.5% 4.5x 13.2x British Sky Broadcasting Group plc United Kingdom 12.04 ‐13% 18,990.3 21,166.8 2,122.8 4,297.3 10,772.2 2,400.0 22.3% 3.7% 2.0x 8.8x Cablevision Systems Corporation United States 16.82 ‐11% 4 ,492.3 14,309.4 244.1 10,047.9 6,693.9 1,781.3 226.6%6.6% 11.7%.7% 22.1x.1x 8.0x CBS Corporation United States 48.87 ‐7% 31,051.4 37,109.4 409.0 6,467.0 14,333.0 3,597.0 25.1% 2.9% 2.6x 10.3x Charter Communications, Inc. United States 123.85 ‐4% 12,539.9 25,343.9 65.0 12,869.0 7,594.0 2,662.0 35.1% 4.6% 3.3x 9.5x Comcast Corporation United States 41.75 ‐5% 108,916.5 152,777.5 4,680.0 47,226.0 63,002.0 20,323.0 32.3% 7.5% 2.4x 7.5x Crown Media Holdings Inc. United States 2.47 ‐7% 888.4 1,340.1 18.3 469.9 351.7 265.3 75.4% 5.4% 3.8x 5.1x DIRECTV United States 61.64 ‐6% 34,429.2 51,515.2 1,679.0 18,365.0 30,274.0 7,411.0 24.5% 8.3% 1.7x 7.0x Discovery Communications, Inc. * United States 77.24 ‐5% 27,171.9 31,161.9 2,474.0 6,429.0 4,558.0 1,965.0 43.1% 6.0% 6.8x 15.9x Dish Network Corp. United States 42.52 ‐1% 19,332.4 24,147.0 7,095.1 11,879.6 14,239.8 2,867.0 20.1% ‐1.2% 1.7x 8.4x Entravision Communications Corporation United States 6.15 ‐2% 533.1 841.8 32.3 340.9 225.8 76.9 34.1% 14.7% 3.7x 10.9x Fisher Communications, Inc. United States 41.08 ‐2% 364.5 345.6 18.9 ‐ 171.1 31.7 18.5% 6.7% 2.0x 10.9x General Communication Inc. United States 7.83 ‐25% 324.6 1,292.4 30.8 966.4 724.5 224.4 31.0% 5.5% 1.8x 5.8x Gray Television Inc. United States 7.20 ‐4% 414.2 1,226.2 21.0 832.9 402.3 170.7 42.4% 26.5% 3.0x 7.2x Grupo Televisa, S.A.B. Mexico 24.84 ‐15% 14,159.3 17,538.9 1,937.0 4,639.6 5,656.2 2,239.5 39.6% 7.9% 3.1x 7.8x Journal Communications Inc. United States 7.49 ‐3% 381.0 618.2 2.1 239.3 412.5 91.3 22.1% 16.1% 1.5x 6.8x Liberty Global plc * United States 73.49 ‐7% 27,020.0 56,901.6 3,031.5 32,941.9 10,541.5 4,826.3 45.8% 7.7% 5.4x 11.8x LIN TV Corp. United States 15.30 ‐8% 828.1 1,760.2 23.5 952.5 591.3 214.1 36.2% 43.0% 3.0x 8.2x Nexstar Broadcasting Group, Inc. * United States 35.46 ‐2% 1,041.1 1,946.4 22.6 928.0 407.2 151.9 37.3% 27.2% 4.8x 12.8x Scripps Networks Interactive, Inc. United States 66.76 ‐6% 9,838.8 11,198.9 421.2 1,384.3 2,366.2 1,049.1 44.3% 11.3% 4.7x 10.7x Sinclair Broadcast Group Inc. * United States 29.37 ‐3% 2,933.3 5,185.8 25.8 2,270.9 1,121.9 438.0 39.0% 39.4% 4.6x 11.8x The E. W. Scripps Company United States 15.58 ‐3% 888.1 861.2 221.2 192.1 895.0 132.5 14.8% 18.5% 1.0x 6.5x Time Warner Cable Inc. United States 112.48 ‐1% 32,727.6 56,265.6 3,290.0 26,824.0 21,727.0 7,626.0 35.1% 8.7% 2.6x 7.4x Ziggo N.V. Netherlands 39.97 ‐2% 7,994.7 11,639.0 79.9 3,671.9 1,970.2 1,138.5 57.8% 2.3% 5.9x 10.2x

Adjusted Weighted Average 2.8x 8.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.5x)

Entertainment Media Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA DreamWorks Animati on SKG Inc. * United States 25.66 ‐1% 2,144.3 2,234.2 76.2 165.0 748.4 104.2 13.9% 2.0% 3.0x 21.4x Eros International Plc United Kingdom 3.08 ‐22% 382.6 583.2 109.7 262.5 215.3 158.7 73.7% 4.3% 2.7x 3.7x Lions Gate Entertainment Corp. * United States 27.47 ‐10% 3,742.7 5,007.6 62.4 1,327.3 2,708.1 283.9 10.5% 70.6% 1.8x 17.6x Live Nation Entertainment, Inc. United States 15.50 ‐5% 2,977.0 3,654.7 1,246.4 1,732.6 5,874.7 417.8 7.1% 8.7% 0.6x 8.7x Village Roadshow Li mi ted Australi a 5.20 ‐1% 829.3 1,077.5 174.0 446.3 964.2 170.7 17.7% 2.3% 1.1x 6.3x World Wrestling Entertainment Inc. United States 10.31 0% 771.4 639.2 132.3 ‐ 484.9 59.7 12.3% ‐ 0.4% 1.3x 10.7x

Adjusted Weighted Average 1.7x 12.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.7x)

22 | M&A and Investment Summary June 2013 Traditional Media Public Company Valuation

($ in Millions, except stock price data)

Out‐of‐Home Media Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ai rMedi a Group Inc. * China 1.84 ‐29% 111.8 (3.5) 112.9 ‐ 284.2 21.3 7.5% 2.7% NM NM APG|SGA SA Switzerland 244.08 ‐5% 718.6 631.0 94.5 ‐ 349.6 122.0 34.9% 1.9% 1.8x 5.2x Clear Channel Outdoor Holdings Inc. * United States 7.46 ‐15% 2,669.3 7,306.8 547.3 4,940.6 2,945.9 696.0 23.6% ‐2.0% 2.5x 10.5x Clear Media Ltd. Hong Kong 0.68 ‐10% 361.5 208.5 166.4 ‐ 196.4 80.2 40.9% 2.4% 1.1x 2.6x JCDecaux SA France 27.24 ‐6% 6,052.6 5,960.3 621.4 583.7 3,458.1 734.0 21.2% 6.5% 1.7x 8.1x Lamar Advertising Co. * United States 43.39 ‐13% 4,090.9 6,170.3 75.5 2,154.9 1,200.1 518.1 43.2% 4.9% 5.1x 11.9x Mood Media Corporation Canada 1.02 ‐66% 174.3 704.5 43.9 591.5 488.8 112.8 23.1% 50.1% 1.4x 6.2x National CineMedia, Inc. United States 16.89 ‐11% 960.8 1,860.6 98.8 879.0 451.9 217.3 48.1% 1.8% 4.1x 8.6x NTN Buzztime Inc. * United States 0.41 ‐7% 29.3 27.1 2.3 0.1 24.1 1.8 7.7% 0.7% 1.1x 14.7x Tom Group Ltd. Hong Kong 0.12 ‐14% 461.4 685.9 102.8 285.9 284.6 1.7 0.6% ‐5.2% 2.4x NM Valassis Communications Inc. United States 24.59 ‐22% 954.7 1,441.3 97.2 583.8 2,126.0 279.9 13.2% ‐3.7% 0.7x 5.1x

Adjusted Weighted Average 2.0x 8.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.9x)

Publishing Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A. H. Belo Corporation United States 6.86 ‐5% 151.3 119.5 31.9 ‐ 434.5 27.7 6.4% ‐4.3% 0.3x 4.3x Daily Mail and General Trust plc * United Kingdom 11.70 ‐2% 4,307.7 5,524.0 94.8 1,156.2 2,652.5 500.8 18.9% 7.6% 2.1x 11.0x Emmis Communications Corp. United States 2.14 ‐17% 88.6 273.0 5.0 141.8 197.7 32.6 16.5% 1.9% 1.4x 8.4x Gannett Co., Inc. United States 24.46 ‐9% 5,598.6 7,116.1 142.8 1,449.2 5,372.3 1,121.8 20.9% 3.2% 1.3x 6.3x Glacier Media, Inc. Canada 1.57 ‐24% 140.0 297.9 3.8 119.9 330.0 45.9 13.9% 23.8% 0.9x 6.5x John Wiley & Sons Inc. United States 40.09 ‐23% 2,352.3 2,727.9 334.1 709.7 1,760.8 318.3 18.1% ‐1.2% 1.5x 8.6x Journal Communications Inc. United States 7.49 ‐3% 381.0 618.2 2.1 239.3 412.5 91.3 22.1% 16.1% 1.5x 6.8x Martha Stewart Living Omnimedia Inc. United States 2.41 ‐37% 162.2 111.5 50.6 ‐ 185.0 (4.4) NM ‐15.4% 0.6x NM Meredith Corporation United States 47.70 ‐1% 2,108.4 2,438.9 24.5 355.0 1,458.9 258.4 17.7% 7.7% 1.7x 9.4x Reed Elsevier plc * United Kingdom 11.35 ‐7% 13,289.5 30,287.9 2,673.1 7,753.8 9,635.3 2,209.0 22.9% 0.0% 3.1x 13.7x Scholastic Corporation United States 29.32 ‐15% 935.2 950.9 196.7 212.4 1,968.8 174.8 8.9% ‐2.3% 0.5x 5.4x The E. W. Scripps Company United States 15.58 ‐3% 888.1 861.2 221.2 192.1 895.0 132.5 14.8% 18.5% 1.0x 6.5x The McClatchy Company United States 2.28 ‐34% 196.4 1,986.5 17.6 1,807.7 1,219.1 308.0 25.3% ‐4.2% 1.6x 6.4x The New York Times Company United States 11.06 ‐1% 1,637.5 1,664.0 674.8 698.2 1,980.6 283.2 14.3% 2.8% 0.8x 5.9x The Washington Post Compypany United States 483.77 ‐2% 3,590.3 3,302.1 770.7 458.4 4,021.3 548.9 13.6% ‐0.6% 0.8x 6.0x Valassis Communications Inc. United States 24.59 ‐22% 954.7 1,441.3 97.2 583.8 2,126.0 279.9 13.2% ‐3.7% 0.7x 5.1x

Adjusted Weighted Average 1.3x 6.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (9.8x)

23 | M&A and Investment Summary June 2013 Technology & Communications

. Activity in the Technology and Communications segment was led by the Financial Technology subsegment, with eight deals announced for $58 million in aggregate reported value . SlSelec t acquiiitisitions: • IBM’s $2 billion acquisition of SoftLayer Technologies, which operates a unified cloud infrastructure platform • Thoma Bravo’s announced $395 million acquisition of Keynote Systems, which provides Internet performance products and services that enable companies to benchmark, test, manage, and improve their business websites . Select investments: • The $50 million investment in Hortonworks, a provider of open‐source software used for managing massive amounts of data, led by Tenaya Capital and Dragoneer Investment Group

TECHNOLOGY & COMMUNICATIONS TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Financial Technology 8 24% 57.9 2% 3 6.0 0 ‐ 5 51.9 Cloud Computing Technology 5 15% 2,050.0 76% 1 2,000.0 0 ‐ 4 50.0 Big Data Technology 4 12% 80.6 3% 1 ‐ 0 ‐ 3 80.6 Cloud Storage 3 9% 14. 0 1% 0 ‐ 0 ‐ 3 14. 0 Communications Software 3 9% 395.0 15% 2 ‐ 1 395.0 0 ‐ Web Conferencing Software 3 9% 35.0 1% 2 20.0 0 ‐ 1 15.0 Infrastructure Technology 2 6% 2.3 0% 1 ‐ 0 ‐ 12.3 Networking Equipment 2 6% 29.0 1% 0 ‐ 0 ‐ 2 29.0 Mobile Infrastructure 1 3% ‐ 0% 1 ‐ 0 ‐ 0 ‐ Data Center Technology 1 3% 808.0 0% 0 ‐ 0 ‐ 1 808.0 Virtualization Technology 1 3% 1.3 0% 0 ‐ 0 ‐ 11.3 Satellite & Microwave Equipment 1 3% 14.7 1% 1 14.7 0 ‐ 0 ‐ Total 34 100% 2,687.7 100% 12 2,040.7 1 395.0 21 252.1

24 | M&A and Investment Summary June 2013 Technology Public Company Valuation

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 3M Company United States 109.35 ‐3% 75,472.8 77,478.8 4,376.0 5,936.0 30,052.0 7,806.0 26.0% 0.9% 2.6x 9.9x ACI Worldwide, Inc. United States 46.48 ‐10% 1,852.2 2,410.2 112.5 670.5 691.0 145.8 21.1% 38.7% 3.5x 16.5x ADATA Technology Co., Ltd. Taiwan 2.23 ‐7% 470.2 588.5 78.9 197.9 965.0 44.4 4.6% ‐2.5% 0.6x 13.2x Advanced Micro Devices, Inc. United States 4.08 ‐33% 2 ,915.1 3,956.1 1,003.0 2,044.0 4,925.0 (()170.0) NM ‐24.7% 0.8x NM Akamai Technologies, Inc. United States 42.55 ‐12% 7,561.1 7,048.1 513.0 ‐ 1,422.5 521.0 36.6% 18.3% 5.0x 13.5x AVG Technologies N.V. Netherlands 19.45 ‐3% 1,051.2 1,065.6 60.8 75.2 377.7 118.7 31.4% 28.2% 2.8x 9.0x Brightcove, Inc. United States 8.76 ‐49% 246.3 219.4 26.9 ‐ 92.8 (9.2) NM 31.7% 2.4x NM CA Technologies United States 28.62 ‐4% 12,962.7 11,601.7 2,787.0 1,426.0 4,643.0 1,674.0 36.1% ‐3.6% 2.5x 6.9x Carbonite, Inc. United States 12.39 ‐8% 321.8 265.3 56.5 ‐ 90.0 (5.4) NM 35.9% 2.9x NM Check Point Software Technologies Ltd. Israel 49.68 ‐6% 9,758.9 8,373.9 1,385.1 ‐ 1,352.3 762.5 56.4% 5.7% 6.2x 11.0x ChinaCache International Holdings Ltd. China $4.05 ‐31% $94.8 $56.1 $38.7 $0.0 $138.8 $6.1 4.4% 29.3% 0.4x 9.2x Citrix Systems, Inc. United States 60.36 ‐30% 11,294.8 10,636.9 657.9 ‐ 2,669.5 599.6 22.5% 15.8% 4.0x 17.7x CommVault Systems, Inc. * United States 75.89 ‐14% 3,527.4 3,091.5 435.9 ‐ 495.9 85.8 17.3% 21.9% 6.2x 36.0x Cray Inc. United States 19. 64 ‐17% 735. 7 497. 6 238. 1 ‐ 388. 3 18. 7 48%4.8% 25. 9% 131.3x 26. 6x Crossroads Systems, Inc. United States 1.86 ‐61% 22.1 18.5 6.0 2.4 14.3 (11.9) NM ‐3.9% 1.3x NM Datalink Corporation United States 10.64 ‐15% 198.9 201.2 5.7 8.0 505.7 23.8 4.7% 22.3% 0.4x 8.5x Dell Inc. United States 13.33 ‐9% 23,399.7 19,771.7 10,905.0 7,256.0 56,592.0 3,792.0 6.7% ‐7.9% 0.3x 5.2x Dot Hill Systems Corp. United States 2.19 ‐5% 128.4 90.9 40.3 2.8 184.4 (7.1) NM ‐8.4% 0.5x NM Elecom Co., Ltd. Japan 13.10 ‐38% 288.5 212.0 163.4 19.2 665.0 73.5 11.0% 0.2% 0.3x 2.9x EMC Corporation United States 23.62 ‐16% 49,621.8 45,967.3 6,527.8 1,695.0 22,006.9 5,237.3 23.8% 7.4% 2.1x 8.8x ePlus inc. United States 59.89 ‐5% 488.1 542.4 53.7 108.0 983.1 74.5 7.6% 19.1% 0.6x 7.3x Euronet Worldwide Inc. United States 31.86 ‐3% 1,588.1 1,726.8 155.3 291.1 1,305.6 156.0 11.9% 9.1% 1.3x 11.1x F‐Secure Oyj Finland 2.76 0% 428.2 377.7 49.8 ‐ 201.4 43.0 21.3% 4.6% 1.9x 8.8x Fusion‐io, Inc. * United States 14.24 ‐56% 1,399.7 1,045.0 354.6 ‐ 432.9 10.1 2.3% 33.4% 2.4x 103.9x Gemalto NV Netherlands 81.49 ‐17% 6,852.5 6,413.4 472.8 13.5 2,960.6 444.4 15.0% 11.4% 2.2x 14.4x Google Inc. United States 880.37 ‐4% 292,076.9 249,354.9 50,098.0 7,376.0 53,499.0 16,813.0 31.4% 33.8% 4.7x 14.8x GraphOn Corp. United States 0.36 ‐55% 31.9 28.4 3.6 ‐ 6.5 (2.6) NM ‐2.7% 4.3x NM Green Dot Corporation United States 19.95 ‐20% 721.0 303.3 470.9 53.2 565.9 83.1 14.7% 11.9% 0.5x 3.7x Imperva Inc. United States 45.04 ‐1% 1,104.3 993.2 109.9 ‐ 111.3 (7.9) NM 33.5% 8.9x NM Integrated Electrical Services, Inc. United States 4.44 ‐32% 67.1 60.0 13.5 6.5 488.8 7.1 1.5% 23.9% 0.1x 8.4x Intel Corporation United States 24.23 ‐10% 120,447.3 116,633.3 17,165.0 13,351.0 53,015.0 21,148.0 39.9% ‐1.9% 2.2x 5.5x IBM Corporation United States 191.11 ‐11% 211,901.6 233,362.6 12,058.0 33,397.0 103,242.0 26,399.0 25.6% ‐3.5% 2.3x 8.8x Interxion Holding NV Netherlands 26.13 ‐7% 1,787.6 2,091.9 77.6 381.8 366.1 143.7 39.3% 13.3% 5.7x 14.6x J‐Stream Inc. Japan 498.77 ‐45% 58.0 51.5 8.6 ‐ 54.3 4.5 8.3% ‐3.3% 0.9x 11.5x Keynote Systems, Inc. United States 19.76 ‐1% 365.6 307.7 57.9 ‐ 123.9 14.7 11.9% 5.2% 2.5x 20.9x Limelight Networks, Inc. United States 2.25 ‐29% 216.3 97.8 120.2 1.7 181.7 (3.5) NM 4.3% 0.5x NM LogMeIn, Inc. * United States 24.46 ‐29% 594.7 389.5 205.2 ‐ 143.6 6.1 4.3% 14.8% 2.7x 63.5x LSI Corporation United States 7.14 ‐12% 3,923.9 3,265.3 658.5 ‐ 2,452.3 366.2 14.9% 11.8% 1.3x 8.9x Melbourne IT Ltd. Australia 2.00 ‐11% 164.7 179.6 18.5 35.5 177.1 24.3 13.7% ‐5.1% 1.0x 7.4x Micron Technology Inc. United States 14.33 ‐1% 14,761.4 16,531.4 2,552.0 3,624.0 8,193.0 1,820.0 22.2% ‐2.6% 2.0x 9.1x Microsoft Corporation United States 34.55 ‐3% 288,489.0 229,466.0 73,788.0 14,765.0 76,012.0 30,368.0 40.0% 4.1% 3.0x 7.6x NEC Corporation Japan 2.19 ‐26% 5,681.2 10,957.2 2,112.2 6,339.0 32,609.0 2,299.7 7.1% 1.1% 0.3x 4.8x NetApp, Inc. United States 37.78 ‐4% 13,642.8 8,942.6 6,952.6 2,252.4 6,332.4 821.5 13.0% 1.6% 1.4x 10.9x Oracle Corporation United States 30.71 ‐16% 142,212.1 128,987.1 32,216.0 18,494.0 37,180.0 17,333.0 46.6% 0.2% 3.5x 7.4x ProAct IT Group AB Sweden 10.54 ‐45% 98.1 124.9 4.6 30.6 361.7 21.4 5.9% ‐4.8% 0.3x 5.8x QUALCOMM Incorporated United States 61.09 ‐11% 105,553.4 92,099.4 13,493.0 22.0 21,639.0 7,630.0 35.3% 24.6% 4.3x 12.1x Qualys, Inc. * United States 16.12 ‐2% 510.6 419.6 92.6 1.7 95.1 10.6 11.1% 19.3% 4.4x 39.7x Quantum Corporation United States 1.37 ‐37% 333.5 469.5 69.0 205.0 587.6 (5.5) NM ‐9.9% 0.8x NM Rackspace Hosting, Inc. United States 37.89 ‐53% 5,233.1 5,060.3 278.6 105.8 1,370.1 443.3 32.4% 25.0% 3.7x 11.4x 25 | M&A and Investment Summary June 2013 Technology Public Company Valuation

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Red Hat, Inc. United States 47.82 ‐20% 9,052.0 8,198.4 853.6 ‐ 1,377.3 277.3 20.1% 16.4% 6.0x 29.6x SanDisk Corp. United States 61.10 ‐4% 14,867.4 13,275.2 3,310.2 1,720.6 5,187.7 1,193.0 23.0% ‐6.9% 2.6x 11.1x SAP AG Germany 73.04 ‐13% 87,098.9 87,677.4 5,896.6 6,455.3 21,108.3 7,142.0 33.8% 13.2% 4.2x 12.3x Seagate Technology Public Li mi ted Company Ireland 44.83 ‐1% 16,073.9 16,655.9 1,909.0 2,478.0 15,409.0 3,590.0 23. 3% 15. 7% 11x1.1x 46x4.6x Silicon Graphics International Corp. United States 13.38 ‐16% 452.5 303.1 149.4 ‐ 776.2 (2.6) NM 0.9% 0.4x NM SK Hynix, Inc. South Korea 27.25 ‐5% 18,922.3 22,777.6 1,759.5 5,727.9 9,487.0 3,131.8 33.0% 5.6% 2.4x 7.3x Sony Corporation Japan 20.94 ‐14% 21,166.9 31,885.7 16,178.8 12,799.6 71,902.1 3,140.9 4.4% 4.7% 0.4x 10.2x Splunk, Inc. * United States 46.36 ‐3% 4,812.7 4,481.5 331.3 ‐ 219.0 (26.3) NM 59.2% 20.5x NM Symantec Corporation United States 22.48 ‐11% 15,660.4 14,004.4 4,747.0 3,091.0 6,906.0 1,886.0 27.3% 2.6% 2.0x 7.4x Synchronoss Technologies, Inc. United States 30.87 ‐6% 1,184.7 1,127.4 66.5 9.3 287.4 62.7 21.8% 19.4% 3.9x 18.0x Tableau Software, Inc. * United States 55.42 ‐7% 3,187.5 3,147.0 40.5 ‐ 143.1 0.2 0.1% 0.0% 22.0x NM Teradata Corporation United States 50.23 ‐38% 8,207.6 7,625.6 853.0 271.0 2,639.0 615.0 23.3% 6.9% 2.9x 12.4x Trend Micro Inc. Japan 31.74 ‐9% 4,185.8 2,984.8 1,265.5 ‐ 1,029.7 337.7 32.8% 2.1% 2.9x 8.8x The KEYW HldiHolding CtiCorporation UitdUnited Sta tes 13. 25 ‐19% 484. 8 578. 2 313.1 96. 4 265. 6 27. 6 10.4% 29.8% 2.2x 20.9x Unisys Corporation United States 22.07 ‐11% 974.1 819.7 628.6 210.7 3,587.9 308.6 8.6% ‐7.3% 0.2x 2.7x VeriSign, Inc. United States 44.66 ‐11% 6,732.3 5,876.0 1,562.4 706.1 904.3 548.6 60.7% 13.6% 6.5x 10.7x VMware, Inc. United States 66.99 ‐35% 28,683.6 24,196.9 4,936.7 450.0 4,741.3 1,171.4 24.7% 19.2% 5.1x 20.7x Western Digital Corporation United States 62.09 ‐5% 14,677.0 12,630.0 4,060.0 2,013.0 16,377.0 3,836.0 23.4% 61.7% 0.8x 3.3x Xoom Corporation United States 22.92 ‐12% 755.6 645.0 135.6 25.0 87.4 (2.0) NM 0.0% 7.4x NM

Adjusted Weighted Average 3.2x 10.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (30.5x)

26 | M&A and Investment Summary June 2013 Communications Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Aastra Technologies Ltd. Canada 18.83 ‐5% 217.5 105.9 115.8 0.2 582.9 32.9 5.6% ‐12.5% 0.2x 3.2x ADTRAN Inc. United States 24.62 ‐18% 1,459.3 1,257.4 247.9 46.0 628.9 59.6 9.5% ‐8.4% 2.0x 21.1x Alcatel‐Lucent, S.A. France 1.82 ‐9% 4,142.4 5,685.5 8,006.9 8,577.1 18,535.5 794.4 4.3% ‐2.8% 0.3x 7.2x Allot Communications Ltd. Israel 13.71 ‐53% 446.5 311.7 134.8 ‐ 104.6 7.9 7.5% 23.4% 3.0x 39.5x Ambient Corporation United States 2.36 ‐69% 39.3 28.3 11.0 ‐ 34.5 (8.9) NM ‐45.6% 0.8x NM Anaren, Inc. United States 22.94 ‐7% 303.0 267.1 35.9 ‐ 154.2 26.0 16.9% ‐1.4% 1.7x 10.3x Aruba Networks, Inc. United States 15.36 ‐43% 1,753.6 1,312.7 440.9 ‐ 586.2 35.7 6.1% 19.3% 2.2x 36.7x AudioCodes Ltd. * Israel 4.43 ‐7% 168.5 144.8 44.6 20.8 127.4 1.3 1.0% ‐13.4% 1.1x 110.6x Aviat Networks, Inc. United States 2.62 ‐33% 160.5 77.4 92.9 9.8 478.3 12.3 2.6% 6.5% 0.2x 6.3x Axesstel Inc. United States 0.70 ‐64% 17.1 30.1 2.2 15.1 57.7 4.3 7.5% 7.9% 0.5x 6.9x Blackline GPS Corp. Canada 1.05 ‐26% 18.5 13.7 5.2 0.1 2.7 (3.0) NM 19.1% 5.0x NM Blonder Tongue Laboratories Inc. United States 1.07 ‐37% 6.7 12.7 0.1 6.1 30.9 (0.1) NM 13.5% 0.4x NM BroadSoft, Inc. United States 27.60 ‐36% 772.9 694.2 167.4 88.6 166.1 22.9 13.8% 13.2% 4.2x 30.3x Brocade Communications Systems, Inc. United States 5.76 ‐11% 2,556.2 2,391.2 764.3 599.3 2,261.2 495.0 21. 9% 48%4.8% 11x1.1x 48x4.8x CalAmp Corp. United States 14.60 ‐3% 503.9 486.9 63.1 4.7 190.5 18.9 9.9% 28.7% 2.6x 25.8x Calix Inc. * United States 10.10 ‐8% 494.6 446.6 48.1 ‐ 342.2 2.2 0.6% ‐2.7% 1.3x 201.0x Ciena Corporation United States 19.43 ‐6% 1,982.9 2,736.2 456.5 1,209.8 1,900.4 88.6 4.7% 6.5% 1.4x 30.9x Cisco Systems, Inc. United States 24.34 ‐3% 130,054.4 98,924.4 47,388.0 16,248.0 47,880.0 13,230.0 27.6% 5.1% 2.1x 7.5x Clearfield, Inc. United States 9.42 ‐31% 121.3 106.0 15.3 ‐ 42.0 5.4 12.9% 13.1% 2.5x 19.6x ClearOne, Inc. United States 8.51 ‐13% 77.5 34.9 42.6 ‐ 47.6 6.8 14.4% 4.5% 0.7x 5.1x COM DEV International Ltd. Canada 3.81 ‐2% 290.7 284.7 32.9 20.1 217.2 33.6 15.5% 10.5% 1.3x 8.5x Communications Systems Inc. United States 9.62 ‐19% 82.0 62.0 21.5 1.5 107.5 5.7 5.3% ‐21.6% 0.6x 10.9x Corning Inc. United States 14.23 ‐13% 20,990.5 18,193.5 5,775.0 2,932.0 7,906.0 2,466.0 31.2% 0.2% 2.3x 7.4x CTX Virtual Technologies, Inc. United States 1671.67 ‐5% 13. 3 13. 5 282.8 292.9 119. 2 16. 9 14. 2% 198. 1% 01x0.1x 08x0.8x Cyan, Inc. United States 10.45 ‐31% 465.3 562.0 14.0 12.6 108.0 (12.9) NM 0.0% 5.2x NM DDS Wireless International Inc. Canada 2.13 ‐7% 29.4 20.1 9.6 ‐ 39.8 4.1 10.4% ‐9.6% 0.5x 4.9x Dialogic, Inc. United States 0.75 ‐82% 11.9 83.7 6.5 78.3 160.0 (11.6) NM ‐19.2% 0.5x NM Digi International Inc. United States 9.37 ‐17% 242.2 162.4 79.8 ‐ 190.1 19.1 10.1% ‐5.8% 0.9x 8.5x DragonWave Inc. Canada 2.88 ‐26% 109.4 106.2 23.0 19.7 123.9 (51.3) NM 171.3% 0.9x NM EchoStar Corp. United States 39.11 ‐5% 3,465.5 4,410.1 1,527.0 2,462.7 3,152.4 597.1 18.9% 3.5% 1.4x 7.4x Emulex Corporation United States 6.52 ‐18% 592.4 500.8 91.6 ‐ 487.2 72.5 14.9% ‐1.8% 1.0x 6.9x Ericsson Sweden 11.27 ‐12% 36,222.4 30,008.1 11,040.3 4,398.9 35,047.8 4,103.2 11.7% 1.7% 0.9x 7.3x Extreme Networks Inc. United States 3.44 ‐11% 319.9 200.0 119.9 ‐ 307.5 16.5 5.4% ‐5.3% 0.7x 12.1x F5 Networks, Inc. United States 68.80 ‐38% 5,421.4 4,898.5 522.8 ‐ 1,430.9 463.5 32.4% 12.9% 3.4x 10.6x Finisar Corp. United States 16.95 ‐1% 1,589.7 1,346.3 289.1 40.0 934.3 73.6 7.9% ‐1.9% 1.4x 18.3x Fleetmatics Group PLC * Ireland 33.23 ‐4% 1,151.0 1,073.0 102.0 24.0 138.0 28.1 20.3% 39.6% 7.8x 38.2x Franklin Wireless Corp. United States 1.70 ‐31% 17.6 7.3 10.7 0.1 40.5 2.0 5.0% 196.2% 0.2x 3.6x Gigamon Inc. * United States 27.56 ‐4% 812.0 789.2 22.7 ‐ 105.8 8.8 8.3% 41.6% 7.5x 89.8x Gogo Inc. * United States 13.97 ‐11% 1,186.3 1,242.9 78.0 134.6 250.0 9.1 3.6% 38.9% 5.0x 137.2x Harmonic Inc. United States 6.35 ‐2% 643.5 415.2 228.3 ‐ 515.7 30.5 5.9% ‐3.2% 0.8x 13.6x Harris Corporation United States 49.25 ‐6% 5,397.0 6,865.7 459.1 1,925.0 5,188.3 1,050.0 20.2% 0.2% 1.3x 6.5x Infoblox Inc. United States 29.26 ‐3% 1,465.2 1,273.5 191.7 ‐ 207.1 (2.2) NM 26.6% 6.2x NM Interactive Intelligence Group Inc. * United States 51.60 ‐3% 1,026.7 958.0 68.7 ‐ 257.8 14.9 5.8% 20.2% 3.7x 64.5x JDS Uniphase Corporation United States 14. 39 ‐8% 340373,403.7 2, 989. 8 608. 1 194. 2 170931,709.3 165. 5 97%9.7% 05%0.5% 171.7x 18. 1x Juniper Networks, Inc. United States 19.31 ‐16% 9,775.8 8,118.7 2,656.8 999.2 4,392.1 659.2 15.0% 0.3% 1.8x 12.3x KVH Industries Inc. United States 13.31 ‐11% 206.5 177.2 44.8 15.6 150.3 15.3 10.2% 30.9% 1.2x 11.6x Meru Networks, Inc. United States 4.03 ‐42% 89.1 62.4 35.6 8.9 102.8 (16.9) NM 14.6% 0.6x NM Mitel Networks Corporation Canada 3.84 ‐16% 206.2 425.3 69.0 288.1 576.9 79.7 13.8% ‐5.7% 0.7x 5.3x Motorola Solutions, Inc. United States 57.73 ‐11% 15,682.8 14,443.8 3,718.0 2,454.0 8,715.0 1,483.0 17.0% 4.7% 1.7x 9.7x Netgear Inc. United States 30.54 ‐25% 1,176.5 754.1 422.4 ‐ 1,239.7 133.9 10.8% 1.0% 0.6x 5.6x 27 | M&A and Investment Summary June 2013 Communications Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Nokia Corporation Finland 3.70 ‐22% 13,734.0 9,076.2 13,366.6 7,203.5 36,740.3 1,382.5 3.8% ‐19.5% 0.2x 6.6x Nuance Communications, Inc. United States 18.40 ‐29% 5,846.6 7,187.5 1,005.3 2,341.6 1,813.8 371.8 20.5% 25.4% 4.0x 19.3x Numerex Corp. United States 11.16 ‐19% 217.6 194.5 25.5 2.3 68.9 5.7 8.3% 16.6% 2.8x 33.9x Optical Cable Corp. United States 4.43 ‐14% 27.7 37.2 0.8 10.9 80.6 5.2 6.4% 3.5% 0.5x 7.2x Palo Al to Networks, Inc. * United States 42.16 ‐42% 2,999.1 2,637.4 361.7 ‐ 359.4 (6.8) NM 63.6% 7.3x NM PCTEL, Inc. United States 8.48 0% 151.5 99.5 52.0 0.0 96.8 5.0 5.1% 27.7% 1.0x 20.1x PHAZAR CORP United States 1.23 ‐55% 2.9 2.7 0.7 0.5 5.9 (1.2) NM ‐9.5% 0.5x NM Plantronics, Inc. United States 43.92 ‐7% 1,856.0 1,510.6 345.4 ‐ 762.2 153.7 20.2% 6.8% 2.0x 9.8x Polycom, Inc. United States 10.53 ‐12% 1,816.7 1,133.9 682.8 ‐ 1,385.7 111.0 8.0% ‐2.9% 0.8x 10.2x Procera Networks, Inc. * United States 13.73 ‐47% 278.6 162.4 116.2 ‐ 61.5 1.6 2.6% 23.4% 2.6x 101.7x QUALCOMM Incorporated United States 61.09 ‐11% 105,553.4 92,099.4 13,493.0 22.0 21,639.0 7,630.0 35.3% 24.6% 4.3x 12.1x RadiSys Corporation United States 4.81 ‐26% 137.6 138.9 31.7 33.0 278.8 10.5 3.8% ‐16.2% 0.5x 13.2x Radware Ltd. Israel 13.79 ‐29% 618.2 555.4 62.8 ‐ 189.3 38.6 20.4% 9.1% 2.9x 14.4x RRMELM Wireless Corp. United States 3.00 ‐20% 40.6 36.1 4.5 ‐ 30.3 4.5 14. 8% 39. 2% 12x1.2x 81x8.1x Research In Motion Limited Canada 10.51 ‐40% 5,509.2 2,737.6 2,654.0 ‐ 11,336.0 1,318.0 11.6% ‐30.6% 0.2x 2.1x Riverbed Technology, Inc. United States 15.56 ‐36% 2,542.9 2,658.4 406.7 522.2 900.6 137.4 15.3% 20.8% 3.0x 19.3x Sandvine Corporation Canada 1.99 ‐7% 275.5 198.4 83.0 4.0 92.9 7.5 8.0% 1.7% 2.1x 26.6x ShoreTel, Inc. United States 4.03 ‐22% 237.2 220.5 48.4 31.7 306.4 (9.4) NM 36.4% 0.7x NM Sierra Wireless Inc. Canada 12.74 ‐1% 392.9 338.9 55.9 ‐ 406.4 (5.1) NM 44.5% 0.8x NM SolarWinds, Inc. * United States 38.81 ‐37% 2,918.4 2,652.6 265.8 ‐ 282.2 139.1 49.3% 31.2% 9.4x 19.1x Solera Holdings Inc. United States 55.65 ‐5% 3,833.9 4,629.9 447.1 1,145.8 818.0 341.8 41.8% 5.7% 5.7x 13.5x Sonus Networks, Inc. United States 3.01 ‐16% 849.5 626.7 225.2 2.4 253.1 (24.7) NM ‐1.4% 2.5x NM Symmetricom Inc. United States 4.49 ‐37% 182.4 112.7 69.7 ‐ 221.5 12.1 5.5% ‐6.1% 0.5x 9.3x TlTelcoware Co Ltd SthSouth Korea 8468.46 ‐21% 59. 7 17. 5 43. 4 ‐ 51. 6 696.9 13.4% 0.0% 0.3x 2.5x TeleCommunication Systems Inc. United States 2.33 ‐14% 137.1 237.8 57.5 158.3 482.1 38.0 7.9% 10.8% 0.5x 6.3x Tellabs Inc. United States 1.98 ‐49% 702.3 130.7 781.2 209.6 1,004.1 13.4 1.3% ‐17.8% 0.1x 9.8x TESSCO Technologies Inc. United States 26.40 ‐1% 216.8 215.0 4.5 2.7 752.6 32.9 4.4% 2.6% 0.3x 6.5x Transmode Holding AB Sweden 11.88 ‐6% 330.0 267.5 64.5 ‐ 155.6 28.1 18.1% 4.6% 1.7x 9.5x Ubiquitous Corporation * Japan 2,171.39 ‐45% 188.2 175.4 13.5 ‐ 9.5 1.0 11.0% ‐2.5% 18.5x 168.6x Vecima Networks Inc. Canada 4.31 ‐25% 96.2 76.1 24.6 3.8 97.2 13.7 14.1% 12.1% 0.8x 5.6x Verint Systems Inc. United States 35.47 ‐4% 1,869.5 2,205.7 319.3 649.5 847.7 157.7 18.6% 5.6% 2.6x 14.0x ViaSat Inc. United States 71.46 ‐3% 3,217.9 3,705.6 105.7 588.7 1,119.7 129.6 11.6% 29.6% 3.3x 28.6x Vonage Holdings Corporation United States 2.83 ‐10% 600.0 573.3 105.9 79.1 842.3 124.5 14.8% ‐2.8% 0.7x 4.6x Westell Technologies, Inc. United States 2.39 ‐7% 140.8 28.2 112.6 ‐ 40.0 (9.4) NM ‐42.5% 0.7x NM ZTE Corp. China 2.08 ‐12% 6,843.4 9,667.0 2,583.6 5,197.5 13,466.3 (152.3) NM ‐6.9% 0.7x NM

Adjusted Weighted Average 2.5x 10.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (61.8x)

28 | M&A and Investment Summary June 2013 Software

. There were 82 transactions announced in the Software segment. Security Software was the most active and highest reported value subsegment with 21 deals announced, of which 12 were reported at $209 million in aggregate value . SlSelec t acquiiitisitions: • Cisco Systems’ $180 million acquisition of Composite Software, a provider of data virtualization solutions which virtually integrates data from various sources • Tyco International’s $150 million acquisition of Exacq Technologies, a security and surveillance products company . Select investments: • The $70 million Redpoint Ventures‐led investment in Twilio, which provides Web‐service infrastructure application programming interfaces to build cloud communications applications, at a $500 million valuation • The $33 million investment in Kenandy, a provider of cloud‐based supply chain software solutions, led by Lightspeed Venture Partners

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM SitSecurity 21 26% 209. 3 25% 9 151. 6 1 ‐ 11 57. 7 Healthcare 14 17% 90.9 11% 6 ‐ 0 ‐ 8 90.9 Application Management 9 11% 16.2 2% 3 ‐ 0 ‐ 6 16.2 HR 9 11% 52.1 6% 4 ‐ 0 ‐ 5 52.1 Infrastructure 6 7% 86.9 10% 2 36.8 1 34.6 3 15.6 Software Development Tools 6 7% 82.8 10% 2 ‐ 0 ‐ 4 82.8 Other* 17 21% 290.3 35% 7 191.8 3 ‐ 7 98.5 Total 82 100% 828.5 100% 33 380.2 5 34.6 44 413.8 *Other includes Collaboration,Credit/Risk, Data Management, Geo‐Demo, HR, and Legal

29 | M&A and Investment Summary June 2013 Software Public Company Valuation

($ in Millions, except stock price data) Financial & Credit/Risk Management Software Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Advent Software, Inc. United States 35.06 ‐1% 1,801.8 1,708.8 185.5 92.5 364.4 82.7 22.7% 7.9% 4.7x 20.7x Ebix Inc. United States 9.26 ‐63% 344.2 377.9 43.8 77.5 208.1 87.0 41.8% 20.5% 1.8x 4.3x EPIQ Systems, Inc. United States 13.47 ‐6% 488.4 713.0 2.8 227.3 364.8 74.6 20. 5% 25. 9% 20x2.0x 96x9.6x Fidessa group plc United Kingdom 29.30 ‐6% 1,087.9 978.3 117.2 ‐ 452.9 92.2 20.4% 0.1% 2.2x 10.6x Guidewire Software, Inc. United States 42.05 ‐4% 2,413.9 2,259.8 154.1 ‐ 271.3 8.9 3.3% 25.9% 8.3x NM Innovation Group plc United Kingdom 0.43 ‐2% 419.0 383.1 67.9 27.2 301.8 34.3 11.4% 7.5% 1.3x 11.2x Management Consulting Group PLC United Kingdom 0.43 ‐12% 209.1 255.1 24.2 73.4 464.5 43.6 9.4% ‐5.6% 0.5x 5.8x Model N, Inc. * United States 23.36 ‐2% 532.9 428.3 109.1 4.5 92.9 4.3 4.7% 0.0% 4.6x 98.7x NetSuite Inc. * United States 91.74 ‐4% 6,768.8 6,592.1 190.7 14.0 331.1 (21.0) NM 31.3% 19.9x NM Performant Financial Corporation United States 11.59 ‐18% 552.9 658.5 39.3 145.0 213.6 60.8 28.5% 22.9% 3.1x 10.8x RealPage, Inc. United States 18.34 ‐32% 1,404.8 1,382.0 22.8 ‐ 336.7 53.8 16.0% 22.5% 4.1x 25.7x Solera Holdings Inc. United States 55.65 ‐5% 3,833.9 4,629.9 447.1 1,145.8 818.0 341.8 41.8% 5.7% 5.7x 13.5x SS&C Technologies Holdings, Inc. United States 32. 90 ‐4% 2, 752. 9 3, 651. 5 68. 8 967. 5 631. 4 243. 1 38. 5% 68. 1% 585.8x 15. 0x Temenos Group AG Switzerland 24.41 ‐5% 1,686.9 1,805.1 92.8 210.7 453.5 82.7 18.2% ‐3.7% 4.0x 21.8x Tyler Technologies, Inc. United States 68.55 ‐3% 2,159.6 2,155.1 4.5 ‐ 376.4 74.0 19.7% 18.1% 5.7x 29.1x

Adjusted Weighted Average 5.1x 17.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (45.7x)

Healthcare Software Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accelrys Inc. United States 8.40 ‐16% 469.1 370.1 99.0 ‐ 165.2 10.7 6.5% 10.8% 2.2x 34.5x Allscripts Healthcare Solutions, Inc. United States 12.94 ‐9% 2,284.4 2,759.7 92.2 567.5 1,428.7 105.8 7.4% ‐3.0% 1.9x 26.1x athenahealth, Inc. United States 84.73 ‐15% 3,113.0 3,170.2 47.8 105.0 451.3 43.5 9.6% 28.7% 7.0x 72.9x Cegedim SA France 30.55 ‐15% 426.8 1,078.7 61.1 703.0 1,179.4 201.0 17.0% 4.0% 0.9x 5.4x Cerner Corporation United States 96.09 ‐4% 16,515.9 15,693.1 1,005.2 182.4 2,645.9 745.6 28.2% 14.7% 5.9x 21.0x Computer Programs & Systems Inc. United States 49.14 ‐17% 544.5 527.0 17.5 ‐ 188.4 45.6 24.2% 6.1% 2.8x 11.6x Craneware plc United Kingdom 5.21 ‐29% 140.6 113.8 28.6 ‐ 42.4 12.1 28.4% 5.3% 2.7x 9.4x Greenway Medical Technologies, Inc. * United States 12.34 ‐37% 367.1 353.9 13.2 ‐ 135.7 1.9 1.4% 15.9% 2.6x 186.1x McKesson Corporation United States 114.50 ‐4% 26,161.8 28,578.8 2,456.0 4,873.0 122,455.0 2,903.0 2.4% ‐0.2% 0.2x 9.8x MedAssets, Inc. United States 17.74 ‐11% 1,080.8 1,947.6 8.5 875.3 663.1 210.3 31.7% 11.0% 2.9x 9.3x Medidata Solutions, Inc. * United States 77.45 ‐1% 2,059.3 1,939.1 120.4 0.1 231.2 37.0 16.0% 19.2% 8.4x 52.5x Merge Healthcare Incorporated United States 3.60 ‐11% 336.5 541.9 45.3 250.3 251.6 29.0 11.5% 4.5% 2.2x 18.7x Quality Systems Inc. United States 18.71 ‐34% 1,114.2 996.2 118.0 ‐ 460.2 101.0 21.9% 7.1% 2.2x 9.9x Streamline Health Solutions, Inc. United States 6.57 ‐11% 82.4 99.7 4.0 13.4 24.8 (0.1) NM 34.6% 4.0x NM

Adjusted Weighted Average 2.7x 19.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (85.2x)

HR Software Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job Inc. China 67.51 ‐1% 1,966.6 1,514.8 451.8 ‐ 233.0 80.4 34.5% 6.7% 6.5x 18.8x Allocate Software plc. United Kingdom 1.12 ‐19% 71.7 68.5 9.8 6.4 58.7 6.9 11.7% 21.3% 1.2x 10.0x Concur Technologies, Inc. * United States 81.38 ‐4% 4,543.5 4,335.3 466.3 258.0 481.2 36.9 7.7% 22.3% 9.0x 117.5x Cornerstone OnDemand, Inc. United States 43.30 ‐6% 2,209.7 2,140.5 76.2 6.9 131.6 (28.3) NM 61.9% 16.3x NM Dice Holdings, Inc. United States 9.21 ‐12% 551.4 539.8 45.6 34.0 199.7 69.1 34.6% 7.8% 2.7x 7.8x 30 | M&A and Investment Summary June 2013 Software Public Company Valuation

($ in Millions, except stock price data) HR Software (Contd.) Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA LinkedIn Corporation * United States 178.30 ‐12% 19,677.9 18,847.6 830.3 ‐ 1,108.6 149.5 13.5% 79.8% 17.0x 126.1x Monster Worldwide, Inc. United States 4.91 ‐46% 572.2 610.4 130.9 169.1 868.6 135.5 15.6% ‐10.1% 0.7x 4.5x Saba Software, Inc. United States 9.75 ‐7% 290.4 276.2 15.0 0.9 121.3 (9.8) NM 77%7.7% 23x2.3x NM The Ultimate Software Group, Inc. United States 117.29 ‐1% 3,242.6 3,174.2 79.0 10.6 351.9 48.5 13.8% 24.4% 9.0x 65.5x Workday, Inc. * United States 64.09 ‐8% 11,087.6 10,303.1 805.8 21.3 308.5 (98.5) NM 88.3% 33.4x NM

Adjusted Weighted Average 13.8x 40.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (30.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (103.3x)

Security Software Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AVG ThTechno log ies NVN.V. NthlNetherlan ds 19. 45 ‐3% 1, 051. 2 1, 065. 6 60. 8 75. 2 377. 7 118. 7 31. 4% 28. 2% 282.8x 909.0x Checkpoint Systems Inc. United States 14.19 ‐5% 582.1 564.3 131.1 112.8 695.4 48.5 7.0% ‐4.2% 0.8x 11.6x Cisco Systems, Inc. United States 24.34 ‐3% 130,054.4 98,924.4 47,388.0 16,248.0 47,880.0 13,230.0 27.6% 5.1% 2.1x 7.5x Fortinet Inc. United States 17.50 ‐38% 2,838.9 2,378.6 460.4 ‐ 552.2 109.5 19.8% 20.7% 4.3x 21.7x Gemalto NV Netherlands 81.49 ‐17% 6,852.5 6,413.4 472.8 13.5 2,960.6 444.4 15.0% 11.4% 2.2x 14.4x Imperva Inc. UnitedStates 45.04 ‐1% 1,104.3 993.2 109.9 ‐ 111.3 (7.9) NM 33.5% 8.9x NM Infoblox Inc. United States 29.26 ‐3% 1,465.2 1,273.5 191.7 ‐ 207.1 (2.2) NM 26.6% 6.2x NM Juniper Networks, Inc. United States 19.31 ‐16% 9,775.8 8,118.7 2,656.8 999.2 4,392.1 659.2 15.0% 0.3% 1.8x 12.3x NQ Mobile Inc. China 8.08 ‐24% 419.0 304.3 121.9 ‐ 109.0 5.9 5.5% 122.4% 2.8x 51.2x Palo Al to Networks, Inc. United States 42.16 ‐42% 2,999.1 2,637.4 361.7 ‐ 359.4 (6.8) NM 63.6% 7.3x NM PfitProofpoint, Inc. UitdUnited Sta tes 24. 25 ‐1% 826. 2 739. 6 90. 2 363.6 112. 4 (14. 0) NM 28. 2% 666.6x NM Qihoo 360 Technology Co. Ltd. * China 46.17 ‐6% 5,668.4 5,367.4 301.1 ‐ 369.6 66.2 17.9% 72.6% 14.5x 81.0x Sourcefire, Inc. * United States 55.55 ‐7% 1,726.8 1,520.9 205.9 ‐ 233.0 17.0 7.3% 28.6% 6.5x 89.6x Symantec Corporation United States 22.48 ‐11% 15,660.4 14,004.4 4,747.0 3,091.0 6,906.0 1,886.0 27.3% 2.6% 2.0x 7.4x Trend Micro Inc. Japan 31.74 ‐9% 4,185.8 2,984.8 1,265.5 ‐ 1,029.7 337.7 32.8% 2.1% 2.9x 8.8x VeriSign, Inc. United States 44.66 ‐11% 6,732.3 5,876.0 1,562.4 706.1 904.3 548.6 60.7% 13.6% 6.5x 10.7x

Adjusted Weighted Average 2.5x 8.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (56.9x)

Engineering Software Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States 73.10 ‐10% 6,813.4 6,188.5 651.5 26.6 810.4 381.8 47.1% 12.8% 7.6x 16.2x Autodesk, Inc. United States 33.94 ‐18% 7,629.7 6,287.6 2,087.9 745.8 2,294.0 469.3 20.5% 0.8% 2.7x 13.4x Aveva Group plc United Kingdom 34.26 ‐8% 2,330.4 2,041.1 289.1 ‐ 334.4 104.7 31.3% 12.4% 6.1x 19.5x Dassault Systemes SA France 122.17 ‐4% 15,270.1 13,388.1 1,956.1 76.9 2,628.3 814.3 31.0% 11.7% 5.1x 16.4x

Adjusted Weighted Average 5.1x 15.6x

*Ca lcu lat ion is market cap weihighte d and excldludes revenue muliltip lles that are 202.0 standddard diideviations above thhe mean (9(9.5x ))an dd EBITDA muliltip lles thhat are 1.00 standddard diideviations abbove thhe mean (89)(18.9x)

31 | M&A and Investment Summary June 2013 Software Public Company Valuation

($ in Millions, except stock price data) Infrastructure Software Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Inc. United States 45.56 ‐3% 22,883.0 20,542.9 3,865.7 1,525.6 4,252.4 1,133.1 26.6% ‐1.9% 4.8x 18.1x CA Technologies United States 28.62 ‐4% 12,962.7 11,601.7 2,787.0 1,426.0 4,643.0 1,674.0 36.1% ‐3.6% 2.5x 6.9x CommVault Systems, Inc. United States 75.89 ‐14% 3,527.4 3,091.5 435.9 ‐ 495.9 85.8 17. 3% 21. 9% 62x6.2x 36. 0x Daegis Inc. United States 0.99 ‐43% 14.6 26.8 5.5 17.7 40.2 4.0 9.9% ‐7.5% 0.7x 6.7x Guidance Software, Inc. * United States 8.74 ‐33% 246.2 220.6 26.1 0.4 130.4 2.1 1.6% 21.8% 1.7x 103.0x IBM Corporation United States 191.11 ‐11% 211,901.6 233,362.6 12,058.0 33,397.0 103,242.0 26,399.0 25.6% ‐3.5% 2.3x 8.8x Informatica Corporation United States 34.98 ‐20% 3,780.6 3,189.5 592.9 ‐ 829.9 169.5 20.4% 2.2% 3.8x 18.8x IntraLinks Holdings, Inc. * United States 7.26 ‐1% 399.1 400.4 74.7 76.0 220.9 5.1 2.3% 4.6% 1.8x 78.1x NetSuite Inc. United States 91.74 ‐4% 6,768.8 6,592.1 190.7 14.0 331.1 (21.0) NM 31.3% 19.9x NM Opera Software ASA Norway 7.71 ‐2% 942.3 890.9 53.6 ‐ 231.1 62.8 27.2% 35.9% 3.9x 14.2x Oracle Corporation United States 30.71 ‐16% 142,212.1 128,987.1 32,216.0 18,494.0 37,180.0 17,333.0 46.6% 0.2% 3.5x 7.4x Rally Software Development Corp. United States 24.82 ‐3% 595.3 491.6 103.6 ‐ 59.9 (11.9) NM 0.0% 8.2x NM ServiceNow, Inc. United States 40. 39 ‐8% 5, 424. 4 5, 085. 5 338. 9 ‐ 282. 2 (26. 6) NM 87. 8% 18. 0x NM Textura Corporation * United States 26.01 ‐6% 569.7 583.9 5.0 19.1 27.3 (15.1) NM 0.0% 21.4x NM TIBCO Software Inc. United States 21.41 ‐35% 3,512.4 3,318.0 726.6 532.1 1,035.2 193.4 18.7% 4.4% 3.2x 17.2x

Adjusted Weighted Average 3.4x 9.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (20.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (60.9x)

32 | M&A and Investment Summary June 2013 Information & Business Services

. A total of 36 acquisitions and seven investments were announced in the Information & Business Services segment, of which 14 were reported at $6.7 billion in value. IT Consulting/Systems Integration was the most active subsegment with 13 deals announced . SlSelec t acquiiitisitions: • BC Partners’ $4.4 billion acquisition of Springer Science+Business Media • IHS‘ $1.4 billion acquisition of R.L. Polk, a provider of automotive information and analytics solutions • McGraw Hill Financials’ purchase of an additional 22 percent stake in India‐based credit ratings agency Crisil, for approximately $336 million, bringing its total ownership percentage to 75 percent . Select investments: • The $30 million investment in Relationship Science, an online source of information on more than two million executives across corporate America and Wall Street, from a group of private investors

INFORMATION & BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM IT Consulting/Systems Integration 13 31% 403.7 6% 9 111.7 2 270.0 2 22.0 BPO 4 10% - 0% 4 - 0 - 0 - Financial Information 3 7% 18.4 0% 3 18.4 0 - 0 - Credit/Risk Management Information 3 7% 367.4 6% 2 367.4 0 - 1 - Healthcare Information 2 5% - 0% 2 - 0 - 0 - Staffing 1 2% - 0% 1 - 0 - 0 - Market Research 1 2% - 0% 1 - 0 - 0 - Other* 15 36% 5,865.0 88% 10 1,400.0 1 4,400.0 4 65.0 Total 42 100% 6,654.5 100% 32 1,897.5 3 4,670.0 7 87.0 *Other includes Fulfillment, Healthcare Consulting, Legal Consulting, Legal Information, and Marketing Data

33 | M&A and Investment Summary June 2013 Information & Business Services Public Company Valuation

($ in Millions, except stock price data)

Financial & Credit/Risk Management Information Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States 26.58 ‐5% 3,222.2 3,564.5 182.2 524.5 2,366.0 364.9 15.4% 3.8% 1.5x 9.8x Computershare Limited Australi a 9.40 ‐10% 5,229.3 6,417.2 446.2 1,781.7 2,016.2 355.4 17.6% 24.6% 3.2x 18.1x CoreLogg,ic, Inc. United States 23.17 ‐21% 2 ,213.8 2,860.1 147.4 793.8 1,606.7 340.6 21.2% 16.4% 1.8x 8.4x CoStar Group Inc. * United States 129.07 ‐1% 3,683.8 3,682.6 167.4 166.3 385.3 59.7 15.5% 47.8% 9.6x 61.7x DST Systems Inc. United States 65.33 ‐10% 2,868.4 3,452.6 454.2 1,038.4 2,605.8 382.3 14.7% 6.4% 1.3x 9.0x Dun & Bradstreet Corp. United States 97.45 ‐4% 3,892.7 5,026.6 172.8 1,302.8 1,641.2 531.6 32.4% ‐6.6% 3.1x 9.5x Envestnet, Inc. * United States 24.60 ‐5% 797.3 765.1 32.2 ‐ 171.2 17.0 9.9% 35.3% 4.5x 45.0x Equifax Inc. United States 58.93 ‐8% 7,107.5 8,648.2 107.6 1,622.3 2,221.1 679.9 30.6% 11.4% 3.9x 12.7x Experian plc Ireland 17.37 ‐11% 17,096.7 20,186.5 256.0 3,303.0 4,730.0 1,590.0 33.6% 5.4% 4.3x 12.7x FactSet Research Systems Inc. United States 101.94 ‐3% 4,485.4 4,227.9 257.4 ‐ 846.4 305.2 36.1% 7.1% 5.0x 13.9x Fair Isaac Corporation United States 45.83 ‐10% 1,644.0 2,016.9 131.2 504.0 715.9 190.6 26.6% 11.7% 2.8x 10.6x Fidelity National Information Services, Inc. United States 42.84 ‐7% 12,556.9 16,736.9 590.6 4,611.8 5,872.2 1,677.2 28.6% 3.3% 2.9x 10.0x Financial Engines, Inc. * United States 45.59 ‐4% 2,229.6 2,037.1 192.5 ‐ 198.0 36.7 18.5% 29.0% 10.3x 55.5x Lender Processing Services, Inc. United States 32.35 ‐5% 2,757.3 3,744.6 88.4 1,075.7 1,983.5 338.2 17.1% 2.7% 1.9x 11.1x McGraw Hill Financial, Inc. United States 53.19 ‐9% 14,579.4 14,335.4 1,905.0 799.0 4,596.0 1,618.0 35.2% 23.3% 3.1x 8.9x Moody's Corporation United States 60.93 ‐13% 13,581.3 13,536.9 1,769.6 1,642.1 2,815.3 1,199.0 42.6% 19.8% 4.8x 11.3x Morningstar Inc. United States 77.58 0% 3,607.5 3,281.9 326.8 ‐ 666.4 205.1 30.8% 4.1% 4.9x 16.0x MSCI Inc. United States 33.27 ‐10% 4,016.4 4,582.3 263.0 829.0 973.0 437.7 45.0% 7.3% 4.7x 10.5x Reis, Inc. United States 18.49 ‐3% 201.4 194.7 6.7 ‐ 32.2 6.4 19.8% 15.4% 6.1x 30.5x SEI Investments Co. United States 28.43 ‐9% 4,901.4 4,449.3 452.1 ‐ 1,026.5 246.6 24.0% 9.8% 4.3x 18.0x Thomson Reuters Corporation United States 32.57 ‐7% 27,007.5 34,118.9 527.0 7,532.0 13,138.0 3,024.0 23.0% ‐4.7% 2.6x 11.3x Verisk Analytics, Inc. United States 59.70 ‐4% 10,053.2 11,231.1 272.5 1,450.4 1,591.1 707.3 44.5% 16.5% 7.1x 15.9x

Adjuste d WihWeighte d Average 373.7x 12. 0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (34.0x)

Marketing Information Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxi om Corporation United States 22.68 ‐1% 1,678.1 1,709.0 223.0 254.3 1,099.4 213.2 19.4% ‐2.8% 1.6x 8.0x Alliance Data Systems Corporation United States 181.03 ‐2% 8,904.1 17,273.9 764.1 9,133.9 3,803.3 1,164.0 30.6% 14.4% 4.5x 14.8x Arbi tron Inc. United States 46.45 ‐2% 1,247.4 1,163.7 83.7 ‐ 455.2 126.1 27.7% 6.4% 2.6x 9.2x Brainjuicer Group Plc United Kingdom 3.80 ‐32% 47.7 42.0 6.1 ‐ 33.8 3.2 95%9.5% 05%0.5% 12x1.2x 13. 0x Cello Group Plc United Kingdom 0.76 ‐15% 62.7 76.0 6.7 20.9 219.7 12.8 5.8% 5.8% 0.3x 5.9x Cision AB Sweden 5.86 ‐33% 87.0 138.6 9.9 63.1 144.3 20.7 14.4% ‐0.8% 1.0x 6.7x comScore, Inc. * United States 24.39 ‐1% 871.1 816.3 73.7 18.9 261.8 19.2 7.3% 8.3% 3.1x 42.5x Cross Marketing Inc. Japan 9.55 ‐41% 56.6 47.5 10.9 1.2 58.8 9.3 15.7% 0.0% 0.8x 5.1x Ebiquity plc United Kingdom 1.42 ‐6% 79.8 102.9 7.0 30.7 95.7 15.1 15.8% 24.6% 1.1x 6.8x GfK SE Germany 50.69 ‐13% 1,850.5 2,436.8 139.1 659.9 1,944.4 242.6 12.5% 7.7% 1.3x 10.0x Harris Interactive Inc. United States 1.81 ‐3% 104.6 92.1 14.9 2.4 140.2 11.8 8.4% ‐9.7% 0.7x 7.8x Harte‐Hanks Inc. United States 8.60 ‐12% 537.0 583.2 61.0 107.2 760.0 84.6 11.1% ‐4.7% 0.8x 6.9x InnerWorkings Inc. United States 10.85 ‐31% 549.9 609.8 10.6 70.5 813.5 34.0 4.2% 20.1% 0.7x 17.9x INTAGE Inc. Japan 23.10 ‐18% 232.3 217.0 63.5 46.7 423.9 53.4 12.6% 8.9% 0.5x 4.1x Ipsos SA France 37.69 ‐13% 1,707.5 2,533.0 184.9 1,006.9 2,359.4 266.7 11.3% 31.3% 1.1x 9.5x Keynote Systems, Inc. United States 19.76 ‐1% 365.6 307.7 57.9 ‐ 123.9 14.7 11.9% 5.2% 2.5x 20.9x Macromill, Inc. Japan 5.91 ‐34% 336.5 305.6 91.0 55.1 175.5 42.1 24.0% 20.7% 1.7x 7.3x NeuStar, Inc. United States 48.68 ‐4% 3,203.2 3,448.7 378.2 623.8 848.2 377.9 44.6% 25.9% 4.1x 9.1x Nielsen Holdings N.V. Netherlands 33.59 ‐9% 12,560.9 18,714.9 233.0 6,338.0 5,654.0 1,565.0 27.7% 1.6% 3.3x 12.0x Pearson plc United Kingdom 17.80 ‐10% 14,369.7 16,236.1 1,735.9 3,692.8 8,222.7 1,497.0 18.2% 5.0% 2.0x 10.8x 34 | M&A and Investment Summary June 2013 Information & Business Services Public Company Valuation

($ in Millions, except stock price data)

Other Information Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Corporate Executive Board Co. United States 63.22 ‐1% 2,125.0 2,500.6 142.0 517.6 684.5 154.8 22.6% 37.0% 3.7x 16.2x Forrester Research Inc. United States 36.69 ‐2% 753.2 488.6 264.6 ‐ 294.2 42.8 14.5% 2.1% 1.7x 11.4x Gartner Inc. United States 56.99 ‐4% 5 ,342.9 5,287.9 269.1 214.1 1,653.4 272.8 16.5% 9.6% 3.2x 19.4x IHS Inc. United States 104.38 ‐12% 6,866.1 7,610.8 267.1 1,011.8 1,600.6 358.1 22.4% 11.2% 4.8x 21.3x Informa plc Switzerland 7.45 ‐9% 4,492.8 5,712.3 38.8 1,343.0 2,003.3 599.4 29.9% ‐3.4% 2.9x 9.5x National Research Corp. United States 34.94 ‐25% 493.2 496.4 9.2 12.4 88.9 28.3 31.8% 13.4% 5.6x 17.6x NIC Inc. United States 16.53 ‐15% 1,072.1 1,008.4 63.7 ‐ 223.6 55.6 24.8% 19.6% 4.5x 18.1x Proofpoint, Inc. United States 24.25 ‐1% 826.2 739.6 90.2 3.6 112.4 (14.0) NM 28.2% 6.6x NM Reed Elsevier plc United Kingdom 11.35 ‐7% 25,207.2 30,287.9 2,673.1 2,407.7 9,635.3 2,209.0 22.9% 2.3% 3.1x 13.7x Solera Holdings Inc. United States 55.65 ‐5% 3,833.9 4,629.9 447.1 1,145.8 818.0 341.8 41.8% 5.7% 5.7x 13.5x The Advisory Board Company United States 54.65 ‐1% 1,940.0 1,865.6 74.4 ‐ 450.8 63.8 14.2% 21.7% 4.1x 29.2x Wolters Kluwer NV Netherlands 21.13 ‐9% 6,240.8 8,973.3 432.5 3,178.9 4,750.5 1,193.2 25.1% 7.4% 1.9x 7.5x

Adjus te d WihtdWeighted Average 353.5x 14. 3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (31.5x)

Consulting Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CRA International Inc. United States 18.47 ‐20% 188.0 159.9 30.6 1.7 264.4 24.7 9.3% ‐10.6% 0.6x 6.5x FTI Consulting, Inc. United States 32.89 ‐16% 1,297.3 1,919.6 100.7 723.0 1,588.8 254.3 16.0% ‐0.7% 1.2x 7.5x Information Services Group, Inc. United States 1.93 ‐10% 71.0 113.4 18.2 60.6 197.1 17.6 8.9% 3.7% 0.6x 6.4x Navigant Consulting Inc. United States 12.00 ‐14% 605.2 767.4 2.9 165.1 744.3 113.3 15.2% 4.5% 1.0x 6.8x ICF International Inc. United States 31.51 ‐1% 621.3 703.6 4.5 86.7 943.4 91.0 9.6% 8.0% 0.7x 7.7x Huron Consulting Group Inc. United States 46.24 ‐1% 971.3 1,168.9 5.7 203.3 651.4 129.7 19.9% 7.1% 1.8x 9.0x The Hackett Group, Inc. United States 5.19 ‐10% 164.1 173.3 11.3 20.5 209.1 18.7 8.9% 3.3% 0.8x 9.3x Towers Watson & Co. United States 81.94 ‐1% 5,782.1 5,689.7 499.1 385.0 3,547.6 684.3 19.3% 3.0% 1.6x 8.3x

Adjusted Weighted Average 1.5x 8.0x

(*Calculation, is marketp capp weighted) and excludes revenue multiples that are 2.0 standard deviations above the mean (5.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (23.3x)

IT Consulting/Systems Integration Stoc k PiPrice Chg % From EitEquity EtEnt. ChCash & ST. TtlTotal LTM LTM MiMargin LTM LTM MltilMultiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 71.96 ‐15% 46,403.3 40,947.9 5,940.6 ‐ 28,312.0 4,366.1 15.4% 2.2% 1.4x 9.4x Amdocs Limited Channel Islands 37.09 0% 5,970.5 4,992.3 978.2 ‐ 3,290.3 612.4 18.6% 1.9% 1.5x 8.2x Bechtle AG Germany 45.75 ‐10% 960.7 920.5 127.4 87.8 2,720.5 128.2 4.7% 4.8% 0.3x 7.2x Booz All en Hamilton Holding Corporation United States 17.38 ‐10% 2,418.5 3,783.2 350.4 1,715.2 5,758.1 524.2 9.1% ‐1.7% 0.7x 7.2x Broadridge Financial Solutions, Inc. United States 26.58 ‐5% 3,222.2 3,564.5 182.2 524.5 2,366.0 364.9 15.4% 3.8% 1.5x 9.8x Business & Decision SA France 3.80 ‐40% 29.9 62.0 14.1 47.5 293.2 17.1 5.8% ‐10.9% 0.2x 3.6x Cap Gemini S.A. France 48.55 ‐7% 7,650.6 6,678.2 2,667.3 1,633.6 13,532.9 1,294.7 9.6% 5.9% 0.5x 5.2x CGI Group, Inc. Canada 29.23 ‐7% 9,030.1 11,817.6 164.9 3,052.9 7,603.2 1,012.0 13.3% 87.9% 1.6x 11.7x Cognizant Technology Solutions Corporation United States 62. 64 ‐23% 18, 893. 2 16, 148. 8 274442,744.4 ‐ 7, 655. 9 157311,573.1 20. 5% 18. 5% 21x2.1x 10. 3x Computer Sciences Corporation United States 43.77 ‐13% 6,575.5 7,272.5 2,060.0 2,732.0 14,993.0 1,999.5 13.3% ‐2.4% 0.5x 3.6x CSG Systems International Inc. United States 21.78 ‐7% 693.0 793.4 172.7 273.1 752.5 139.9 18.6% 2.2% 1.1x 5.7x Dynamics Research Corporation United States 5.57 ‐24% 57.7 154.4 0.0 96.7 304.7 29.3 9.6% ‐10.1% 0.5x 5.3x Information Services Group, Inc. United States 1.93 ‐10% 71.0 113.4 18.2 60.6 197.1 17.6 8.9% 3.7% 0.6x 6.4x Infosys Ltd. India 41.94 ‐17% 23,961.8 19,997.6 4,341.0 ‐ 7,398.0 2,128.0 28.8% 5.8% 2.7x 9.4x iSoftStone Holdings Limited China 5.16 ‐27% 294.3 260.2 99.9 59.0 390.7 42.6 10.9% 24.9% 0.7x 6.1x 35 | M&A and Investment Summary June 2013 Business Services Public Company Valuation

($ in Millions, except stock price data)

IT Consulting/Systems Integration (Contd.) Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA ITS Group France 4.94 ‐22% 28.4 35.5 12.0 17.9 122.6 10.0 8.1% 2.6% 0.3x 3.6x Luxoft Holding, Inc. Switzerland 19.89 ‐8% 649.2 661.5 4.5 16.8 314.6 52.1 16.6% 16.0% 2.1x 12.7x NCI, Inc. United States 4.14 ‐48% 53.5 78.7 0.9 26.0 360.9 18.0 5.0 % ‐28.8% 0.2x 4.4x Osiatis SA France 11.45 ‐9% 176.0 176.7 40.5 40.9 407.8 32.5 8.0% 10.4% 0.4x 5.4x Wipro Ltd. India 5.88 ‐24% 14,418.0 12,755.0 3,018.0 1,175.4 6,867.6 1,423.4 20.7% 17.4% 1.9x 9.0x

Adjusted Weighted Average 1.5x 8.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (9.9x)

($ in Millions, except stock price data)

Outsourced Services SkStock PiPrice Chg % From EiEquity Ent. ChCash & ST. TlTotal LTM LTM MiMargin LTM LTM MlilMultiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Eniro AB Sweden 2.74 ‐7% 274.4 665.8 47.2 445.5 601.3 150.4 25.0% ‐9.0% 1.1x 4.4x Exlservice Holdings, Inc. United States 29.56 ‐10% 964.5 860.0 108.6 4.0 454.3 84.8 18.7% 15.8% 1.9x 10.1x Firstsource Solutions Limited India 0.16 ‐38% 104.5 259.9 16.6 186.6 523.8 51.5 9.8% 26.1% 0.5x 5.0x Genpact Ltd. Bermuda 19.24 ‐5% 4,400.1 4,689.1 492.9 779.9 1,970.3 360.5 18.3% 15.5% 2.4x 13.0x InnerWorkings Inc. United States 10.85 ‐31% 549.9 609.8 10.6 70.5 813.5 34.0 4.2% 20.1% 0.7x 17.9x Innotrac Corp. United States 4.06 ‐9% 53.8 52.1 4.2 2.5 112.8 8.2 7.3% 28.4% 0.5x 6.4x MAXIMUS, Inc. United States 74.48 ‐8% 2,543.9 2,358.1 187.3 1.6 1,179.7 189.7 16.1% 21.4% 2.0x 12.4x Quad/Graphics, Inc. United States 24.10 ‐4% 1,148.6 2,654.5 24.2 1,529.9 4,233.9 552.5 13.0% ‐1.3% 0.6x 4.8x QitilQuintiles TtilTransnational HldiHoldings Inc. UitdUnited Sta tes 42. 56 ‐8% 548665,486.6 7, 454. 3 454. 3 242162,421.6 3, 731. 7 512. 9 13. 7% 00%0.0% 202.0x 14. 5x R.R. Donnelley & Sons Company United States 14.01 ‐2% 2,541.3 5,785.5 302.9 3,533.8 10,235.5 1,213.2 11.9% ‐3.0% 0.6x 4.8x Salmat Ltd. Australi a 1.78 ‐30% 280.8 179.8 219.0 104.6 832.3 99.8 12.0% 17.9% 0.2x 1.8x Serco Group plc United Kingdom 9.37 ‐6% 4,577.6 5,464.0 322.8 1,268.6 7,985.4 613.4 7.7% 5.7% 0.7x 8.9x StarTek, Inc. United States 4.73 ‐35% 72.3 65.0 7.3 ‐ 201.0 6.0 3.0% ‐4.6% 0.3x 10.8x Sykes Enterprises, Incorporated United States 15.76 ‐5% 678.2 611.4 177.8 111.0 1,150.8 103.2 9.0% 0.3% 0.5x 5.9x Teleperformance France 48.07 ‐3% 2,662.1 2,561.0 229.6 119.1 3,094.6 379.7 12.3% 10.4% 0.8x 6.7x TeleTech Holdings Inc. United States 23.43 ‐6% 1,222.6 1,183.4 170.6 117.8 1,158.7 147.5 12.7% ‐2.7% 1.0x 8.0x Trans Cosmos, Inc. Japan 15.13 ‐11% 622.7 405.0 361.7 96.0 1,765.9 98.0 5.6% 3.2% 0.2x 4.1x Transcom WorldWide SA Luxembourg 0.11 ‐20% 128.5 202.3 34.4 110.6 805.9 24.9 3.1% 12.9% 0.3x 8.1x Transcontinental Inc. Canada 12. 14 ‐2% 938. 8 1, 388. 0 28. 3 402. 1 2, 136. 8 358. 7 16. 8% 70%7.0% 060.6x 393.9x Vistaprint N.V. Netherlands 49.37 ‐1% 1,611.6 1,798.8 51.3 238.5 1,137.8 108.1 9.5% 16.3% 1.6x 16.6x Xchanging PLC United Kingdom 1.92 ‐16% 462.4 378.1 190.8 64.4 1,086.2 113.9 10.5% 2.6% 0.3x 3.3x

Adjusted Weighted Average 1.1x 8.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.4x)

36 | M&A and Investment Summary June 2013 PPLLC Indices –LTM as of 6/28/13 Public Company Valuation

Digital Media/Commerce and Traditional Media Digital Advertising Index Performance Index Performance 140 160

130 • S&P 500 –  112.6% 150 • S&P 500 –  112.6% (%) (%)

140 120 • Digital Media/ • Digital Advertising –  128.1% Commerce –  128.1% 130 110 120 Performance Performance

100 110 Index 90 Index 100

80 90 Jul‐12 Sep‐12 Nov‐12 Jan‐13 Mar‐13 May‐13 Jul‐12 Sep‐12 Nov‐12 Jan‐13 Mar‐13 May‐13

S&P 500 Digital Media/Commerce Traditional Media S&P 500 Digital Advertising

Marketing Technology Agency & Marketing Services Index Performance Index Performance 130 150

• S&P 500 –  112.6% 140 • S&P 500 –  112.6%

120 (%) (%) • Marketing Technology –  104.6% 130 • Agency –  118.4%

mance 110 120 ormance rr ff • Marketing Services –  117.2% Per 110 Perfo

100

Index 100 Index

90 90 Jul‐12 Sep‐12 Nov‐12 Jan‐13 Mar‐13 May‐13 Jul‐12 Sep‐12 Nov‐12 Jan‐13 Mar‐13 May‐13

S&P 500 Marketing Technology S&P 500 Agency Marketing Services

37 | M&A and Investment Summary June 2013 PPLLC Indices –LTM as of 6/28/13 Public Company Valuation

Technology Communications

130 Index Performance 130 Index Performance

  • S&P 500 – 112.6% 120 • S&P 500 – 112.6% (%) (%) 120

• Technology –  103.1% • Communications –  98.8% 110 110 100 Performance Performance

100 Index Index 90

90 80 Jul‐12 Sep‐12 Nov‐12 Jan‐13 Mar‐13 May‐13 Jul‐12 Sep‐12 Nov‐12 Jan‐13 Mar‐13 May‐13

S&P 500 Technology S&P 500 Communications

Software Information & Business Services Index Performance Index Performance 140 140

130 • S&P 500 –  112.6% • S&P 500 –  112.6% 130 (%)

(%) 120 • Marketing Technology –  117.3% • Information –  118.3% 120 110 ormance rmance ff • Business Services –  111.8% 110 Per

100 Perfo

Index 100 90 Index

80 90 Jul‐12 Sep‐12 Nov‐12 Jan‐13 Mar‐13 May‐13 Jul‐12 Sep‐12 Nov‐12 Jan‐13 Mar‐13 May‐13

S&P 500 Software S&P 500 Information Business Services

38 | M&A and Investment Summary June 2013 All Segments ($ in Millions)

Strategic Transactions

Reported Target Target Segment Buyer/Investor Transaction Value Strategic Values Disclosed ExactTarget, Inc. Marketing Technology Salesforce.com $2,500.0 Belo Corporation Traditional Media Gannett Compa ny, Inc. 2,200.0 SoftLayer Technologies, Inc. Technology & Communications International Business Ma chi nes Corpora tio 2,000.0 Hybris GmbH Marketing Technology SAP AG 1,500.0 R.L. Polk & Company Information & Business Services IHS, Inc. 1,400.0 Waze, Inc.. Digital Media/Commerce Google, Inc. 1,100.0 Neolane, Inc. Marketing Technology Adobe Systems, Inc. 600.0 CRISIL Limited Information & Business Services McGraw‐Hill Financial 336.0 Compos i te Software, Inc. Software Cisco Systems, Inc. 180.0 Exacq Technologies Software Tyco International Ltd. 150.0 GFI Informatique S.A. Information & Business Services Boussard & Gavaudan Holding Ltd 111.7 Society6, LLC Digital Media/Commerce Demand Medi a, Inc. 94.0 Tweddle Connect Marketing Technology Nuance Communications, Inc. 80.0 ISS Group Software P2 Energy Solutions, Inc. 36.8 Youngseo Broadcasting Network Traditional Media CJ HelloVision 35. 8 Panopticon Software, Inc. Information & Business Services Datawatch Corporation 31.4 Digital Rights Group Traditional Media Modern Times Group MTG AB 20.7 prairieFyre Software, Inc. Technology & Communications Mitel Networks Corporation 20.0 AutoVision Wireless, Inc. Technology & Communications BSM Technologies, Inc. 14.7 Investor.BG Plc Information & Business Services Bulgaria On Air 12.2 Veramark Technologies Inc. Software Hubspoke Holdings, Inc. 11.8 Investor.BG Plc Information & Business Services Bulgaria On Air 6.2 Indigo Retail Holdings Ltd. Technology & Communications HTEC Ltd. 6.0 Signify Solutions Ltd. Software Accumuli Security Limited 1.6

Strategic Undisclosed AC Label, LLC Information & Business Services Fort Dearborn Compa ny ‐ Ad.IQ Digital Advertising Incentivated Ltd. ‐ AdBrite, Inc. Digital Advertising SiteScout, Inc. ‐ Advanced Productivity Software Software IntApp, Inc. ‐ Advantage Management Solutions, Inc. Information & Business Services Veeva Systems, Inc. ‐ alfabet AG Information & Business Services Software AG ‐ ALLiGAcom Software DiCentral, Inc. ‐ Android and Me Digital Media/Commerce PhoneDog Medi a ‐ Ant Hill Communications Agency & Marketing Services The Dalton Agency ‐ 39 | M&A and Investment Summary June 2013 All Segments ($ in Millions)

Strategic Transactions

Reported Target Target Segment Buyer/Investor Transaction Value Strategic Undisclosed Apama Solution Technology & Communications Software AG ‐ AppFog, Inc. Software CenturyLink, Inc. ‐ Appsecute Limited Software ActiveState Software, Inc. ‐ Aptito, Inc. Technology & Communications Net Element International, Inc. ‐ Archaia Entertainment Traditional Media BOOM! Entertainment, Inc. ‐ Art Impressions Medi a Group Agency & Marketing Services Entertainment One Ltd. ‐ Aruvio, Inc. Software Virima Technologies, Inc. ‐ Avantiq Information & Business Services Wolters Kluwer Corpora te Legal Services ‐ BDG Music Traditional Media Live Nation Entertainment, Inc. ‐ Bitdeli Marketing Technology AdRoll, Inc. ‐ Bonaire Software Solutions, LLC Software Broadridge Financial Solutions, Inc. ‐ BornRich.com Digital Media/Commerce Valnet, Inc. ‐ Boxer Digital Media/Commerce TaskBox ‐ Brandzeichen Agency & Marketing Services Ketchum, Inc. ‐ Brinkmat, LLC Digital Advertising Delivery.com, LLC ‐ California Data Center Design Group Information & Business Services Cupertino Electric, Inc. ‐ Cha s e Consultancy Limited Information & Business Services Oxford Consulting Group, Inc. ‐ Check 6 Consulting and Kennedy & Compa ny Agency & Marketing Services Phillips & Compa ny ‐ Coba l t Medical Software Primetime Medical Software, Inc. ‐ Cockpi t Consulting Information & Business Services BIPB Limited ‐ Construction News Corpora ti on Traditional Media Construction Journal ‐ Convurgency Inc. Agency & Marketing Services 9th sphere ‐ Davies Murphy Group Agency & Marketing Services LEWIS PR ‐ DOC2PDF Marketing Technology LULU Software ‐ Dream Consultancy Services & Search Engine Experts Agency & Marketing Services ReelTime Medi a ‐ EdgeSpring, Inc. Marketing Technology Salesforce.com ‐ Elastic Intelligence Software Intuit, Inc. ‐ Electrotank Digital Media/Commerce High 5 Games ‐ Estime Digital Advertising Descom Oy ‐ Evivar Medical Pty Ltd. Software TherapyEdge, Inc. ‐ Exigen Services Information & Business Services Return on Intelligence, Inc. ‐ Fastrack Healthcare Systems Software Mediware Information Systems, Inc. ‐

40 | M&A and Investment Summary June 2013 All Segments ($ in Millions)

Strategic Transactions

Reported Target Target Segment Buyer/Investor Transaction Value Strategic Undisclosed Flatirons Solutions Information & Business Services InfoTrust Group ‐ Forkstream Technology & Communications Openet Telecom Limited ‐ Gala Records Group Traditional Media Warner Mus i c Group ‐ GateGuru, Inc. Digital Media/Commerce TripAdvisor, Inc. ‐ GhostBird Software Digital Media/Commerce Yahoo!, Inc. ‐ Gigablast Digital Media/Commerce Yippy, Inc. ‐ Go React Agency & Marketing Services Digital Alchemy (Australia) Pty Limited ‐ Go Try It On, Inc. Digital Media/Commerce Rent the Runway ‐ GoldBot Consulting, Inc. Information & Business Services Information Innovators, Inc. ‐ Group SJR Agency & Marketing Services H+K Ltd. ‐ HealthTxts Marketing Technology Vertical Health, LLC ‐ HR Services Software Paychex, Inc. ‐ ICRH Consulting Information & Business Services HR Path ‐ In Demand Document Services Information & Business Services Xact Data Discovery ‐ Incential Software Marketing Technology IMS Health, Inc. ‐ Inkiru, Inc. Marketing Technology @Walmart Labs ‐ InRelease Software Microsoft Corpora ti on ‐ Intellichem, Inc. Information & Business Services IHS, Inc. ‐ Interactive Meetings Limited Technology & Communications Lumi Mobile ‐ Jobsite123.com, LLC Digital Advertising Contractors Register, Inc. ‐ Jonathan Roberts Associates Information & Business Services Howard‐Sloan Professional Search, Inc. ‐ Kambio Group Agency & Marketing Services Legacy Marketing Partners ‐ KP2 GmbH, Kreuzer & Partners Agency & Marketing Services Miller Heiman, Inc. ‐ KXMZ‐FM Traditional Media Pandora Media, Inc. ‐ La Deuxieme Maison Agency & Marketing Services Makheia Group ‐ Local Incite Digital Advertising Universal Business Listing ‐ LPI Level Platforms Software AVG Technologies N.V. ‐ Lucid Marketing Agency & Marketing Services 8fold Integrated Crea ti ve Works ‐ Maiden Media Group Agency & Marketing Services Stream Compa ni es ‐ Mob Science, Inc. Digital Media/Commerce Social Gaming Network, Inc. ‐ MobileScope Marketing Technology Evidon, Inc. ‐ mPay Gateway, Inc. Technology & Communications PaySpan, Inc. ‐

41 | M&A and Investment Summary June 2013 All Segments ($ in Millions)

Strategic Transactions

Reported Target Target Segment Buyer/Investor Transaction Value Strategic Undisclosed N2O Interactive Digital Advertising ReviMedia, Inc. ‐ NA Publishing, Inc. Traditional Media Ima ge Data Convers i on, LLC ‐ National Top Lawyers Digital Advertising TopSites law ‐ NCDTech Information & Business Services NetGain Technologies, Inc. ‐ NCP Solutions Information & Business Services Harland Cl a rke Corp. ‐ Noetix Corporation Marketing Technology Silverback Enterprise Group, Inc. ‐ North American Telephone Map Information & Business Services Tollfreenumber.org ‐ Novemberfilm Traditional Media Modern Times Group MTG AB ‐ Novocell Semiconductor Technology & Communications Silicon Storage Technology, Inc. ‐ Open Marketing Solutions, LLC Agency & Marketing Services Bislr, Inc. ‐ Oral Health and Dental Management Traditional Media OMICS Group, Inc. ‐ OrderDynamics Corpora ti on Ma rketi ng Technology eCommera Limited ‐ Palisade Systems, Inc. Software Absolute Software Corpora ti on ‐ PaperKarma Digital Media/Commerce Reputation.com, Inc. ‐ Patient Reminders Marketing Technology Cenduit ‐ Payroll S.A. Information & Business Services Automatic Data Processing, Inc. ‐ Perlego Systems Software Fixmo, Inc. ‐ PFC Energy Information & Business Services IHS, Inc. ‐ Pipeline Technology & Communications Guavus, Inc. ‐ Planet Crui s e Di gi ta l Media/Commerce Iglu.com ‐ Poster Marketing Technology Automattic ‐ Premiere Global Sports Agency & Marketing Services PrimeSport ‐ Pricing Partners Information & Business Services Thomson Reuters ‐ QuadraMed Corporation Software Constellation Software, Inc. ‐ Redcoon Digital Media/Commerce Media‐Saturn‐Holding GmbH ‐ RepAccess Software RxVantage ‐ Resunate Software Professional Diversity Network LLC ‐ Rollbase, Inc. Software Progress Software ‐ Rondee Technology & Communications Yahoo!, Inc. ‐ Rteamsite.com Digital Media/Commerce TeamSnap ‐ Saavi Accountability Software Covenant Eyes Internet Accountability and Fi ‐ Seamless Technologies, Inc. Information & Business Services Avnet, Inc. ‐

42 | M&A and Investment Summary June 2013 All Segments ($ in Millions)

Strategic Transactions

Reported Target Target Segment Buyer/Investor Transaction Value Strategic Undisclosed Sensemetric Web & Social Medi a Mining Marketing Technology GfK Group ‐ Shoes4you Digital Media/Commerce Mucca Company Servicos De Internet Ltda. ‐ SkilaMederi Software Qforma, Inc. ‐ Solutionary, Inc. Software Nippon Telegraph & Telephone Corp. ‐ Solutionary, Inc. Software Nippon Telegraph & Telephone Corp. ‐ Spades Media Digi ta l Advertising BlueGlass UK ‐ Spindle Labs, Inc. Digital Media/Commerce Twitter, Inc. ‐ Spooky Cool Labs Digital Media/Commerce Zynga Inc. ‐ Spotivate, Inc. Digital Advertising Plum District, Inc. ‐ SquaredR Consulting Agency & Marketing Services TRIBUS Real Estate Technologies ‐ Standard Analytics LLC Marketing Technology dunnhumby ‐ Staq.io Marketing Technology PlayHaven ‐ StillSecure Software SilverSky, Inc. ‐ StreamBase Systems Marketing Technology TIBCO Software, Inc. ‐ StreamBase Systems Marketing Technology TIBCO Software, Inc. ‐ SuccessEHS Information & Business Services Vitera Healthcare Solutions, LLC ‐ SVM Agency & Marketing Services Match Marketing Group ‐ The Book, The BoomBox, NoiseCreep, and Comi cs Alliance Digital Media/Commerce Townsquare Media, Inc. ‐ The Outsource Group, Inc. Information & Business Services Parallon Business Solutions ‐ The Performance Group Information & Business Services Ramboll Management Consulting GmbH ‐ TimeManagement Software Agilysys, Inc. ‐ ToneMedia LLC Marketing Technology Cellfish Media LLC ‐ TortoiseSVN.net Software WANdisco, Inc. ‐ Totsy Digital Media/Commerce Modnique.com ‐ Trade Service Compa ny LLC Information & Business Services Trimble Navigation Limited ‐ United Media Holdings Digital Media/Commerce Vetek Group of Compa ni es ‐ VICOR Business Services Information & Business Services SWK Technologies, Inc. ‐ Voyager Institutional Services Traditional Media Strategas Research Partners , LLC ‐ Webgistix Marketing Technology Rakuten, Inc. ‐ Wizard Promotions Agency & Marketing Services DEAG Deutsche Entertainment AG ‐ WorkforceQA Software Compliance Safety Systems ‐ xPeerient, Inc. Digital Media/Commerce NET (net), Inc. ‐

43 | M&A and Investment Summary June 2013 All Segments ($ in Millions)

Strategic Transactions

Reported Target Target Segment Buyer/Investor Transaction Value Strategic Undisclosed Young Broadcasting Traditional Media Media General, Inc. ‐ Your Travel Insider Digital Media/Commerce Northstar Travel Media, LLC ‐ ZeroVulnerabilityLabs, Inc. Software Malwarebytes Corpora ti on ‐

44 | M&A and Investment Summary June 2013 All Segments ($ in Millions)

Buyout Transactions

Target Target Segment Buyer/Investor Reported TV Buyout Deals Values Disclosed Springer Science+Business Media Information & Business Services BC Partners Limited $4,400.0 Vue Entertainment Ltd. Traditional Media OMERS Private Equity 1,460.0 Keynote Systems, Inc. Technology & Communications Thoma Bravo, Inc. 395.0 CSS Corporation Information & Business Services Partners Group AG 270.0 Agilysys, Inc. Software Clearlake Ca pi ta l Group 34.6 ANGOSS Software Corporation Marketing Technology Peterson Partners LP 8.0 Buyout Deals Undisclosed AMERANO GmbH Digital Media/Commerce Project A Ventures ‐ Ca bl eOrga ni zer.com, Inc. Digital Media/Commerce KT Ca pi ta l ‐ CMA Communications Traditional Media GTCR, LLC ‐ Col ya r Consulting Group, Inc. Marketing Technology Shore Points Capi ta l Management, LLC ‐ EG A/S Information & Business Services Axcel Management A/S ‐ Fox Technologies, Inc. Software Parallax Ca pi ta l Partners, LLC ‐ Intermountain West Communications, DMA 191 & DMA 162 Traditional Media (Private Investors) ‐ Inventus, LLC Software Clearlake Ca pi ta l Group ‐ Luciad NV Software GIMV NV ‐ Models1 Limited Traditional Media Ma nagement Buyout ‐ MurphyEpson, Inc. Agency & Marketing Services (Private Investors) ‐ MyWebGrocer, LLC Digital Advertising HGGC, LLC ‐ Rivo Software, Inc. Software Kennet Partners ‐ Telkomvision Traditional Media (Pri va te Investors) ‐

45 | M&A and Investment Summary June 2013 All Segments ($ in Millions)

Venture/Growth Capital Transactions

Reported Target Target Segment Buyer/Investor Transaction Value VC/Growth Capital Values Disclosed Fanatics, Inc. Digital Media/Commerce Temasek Holdings (Pte) Limited $170.0 Fab, Inc. Digital Media/Commerce Tencent Holdings Ltd. 150.0 Zalando GmbH Digital Media/Commerce Investment AB Kinnevik 130.2 Lamoda Digital Media/Commerce Summit Partners LP 130.0 Lazada Digital Media/Commerce Verlinvest s.a. 100.0 Applied Predictive Technologies Marketing Technology Goldman Sachs Merchant Banking 100.0 Snapchat, Inc. Digital Media/Commerce Institutional Venture Partners 80.0 Twilio, Inc. Software Redpoint Ventures 70.0 Affirmed Networks, Inc. Technology & Communications Bessemer Venture Partners 51.0 EMN8, Inc. Traditional Media Si d R. Bass Associates 50.0 Hortonworks Inc. Technology & Communications Tenaya Capital 50.0 BrightEdge, Inc. Marketing Technology Insight Venture Partners 42.8 NumberFour Marketing Technology Index Ventures 38.0 ResearchGate GmbH Digital Media/Commerce (Private Investors) 35.0 Kenandy, Inc. Software Lightspeed Venture Partners 33. 0 EventBrite Digital Media/Commerce Tiger Global Management, LLC 30.0 Relationship Science LLC Information & Business Services (Private Investors) 30.0 Dataminr, Inc. Marketing Technology Venrock Associates 30.0 RelateIQ Technology & Communications Accel Partners 29.0 TopLine Game Labs Digital Media/Commerce Cantor Ventures, L.P. 25.0 Clinkle Technology & Communications Accel Partners 25.0 TalentWise, Inc. Software (Unnamed Fund Contibuters) 25.0 Panzura Technology & Communications Meritech Ca pi ta l Partners 25.0 Fractal Analytics, Inc. Information & Business Services TA Associates 24.0 BitSight Technologies Software Globespan Ca pi ta l Partners 24.0 MDX Medi ca l LLC Digital Advertising Piper Jaffray & Co. 22.0 GoodData Corporation Marketing Technology TOTVS Ventures 22.0 Affinity Solutions Agency & Marketing Services Chestnut Hill Partners, LLC 21.0 COMS Interactive, LLC Software Summit Partners LP 21.0 Replicon Software Emerge Venture Capital 20.0 Ca reCl oud Corporation Software Tenaya Capital 20.0 GainSpan Corpora ti on Technology & Communications Zebra Technologies Corpora ti on 19. 0 Kony Solutions Marketing Technology Telstra Ventures 18.3 Cus tomMa de Ventures Corporation Digital Media/Commerce Atlas Venture 18.0 Socrata, Inc. Marketing Technology OpenView Venture Partners 18.0 WorldStores Digital Media/Commerce Serena Capital 15.2 Easy Taxi Digital Media/Commerce Latin America Internet Holding 15.0 46 | M&A and Investment Summary June 2013 All Segments ($ in Millions)

Venture/Growth Capital Transactions

Reported Target Target Segment Buyer/Investor Transaction Value VC/Growth Capital Values Disclosed FiftyThree Digital Media/Commerce Andreessen Horowitz $15.0 Wrapp Digital Advertising Greylock Management 15.0 Vormetric, Inc. Software Split Rock Partners, LLC 15.0 Biba Systems, Inc. Technology & Communications Interwest Partners 15.0 Cumul us Networks Software Andreessen Horowitz 15.0 Medivo, Inc. Software Merck Global Health Innovation LLC 15.0 DAQRI Marketing Technology Tarsadia Investments LLC 15.0 Healthation, Inc. Software ABS Ca pi ta l Partners 14.0 E la Ca rte Tra di ti ona l Media Intel Capital 13.5 Planet Labs, Inc. Software Draper Fisher Jurvetson 13.0 AppLift GmbH Marketing Technology Prime Ventures 13.0 Coves tor LLC Digital Media/Commerce Amadeus Ca pi ta l Partners Limited 12.8 SocialRadar, Inc. Digital Media/Commerce NEA 12.8 Thumbtack, Inc. Digital Advertising Sequoia Capital 12.5 Bizo, Inc. Marketing Technology Ci ty National Bank 12. 5 Yplan Digital Media/Commerce General Ca ta l ys t Partners LLC 12.0 FireHost, Inc. Technology & Communications Stephens Group, LLC 12.0 3Pillar Global Information & Business Services NewSpring Capital 12.0 N3twork Marketing Technology Google Ventures 12.0 Mobiquity, Inc. Marketing Technology New Spring Ventures 12.0 Personetics Technologies Marketing Technology Lightspeed Venture Partners 11.5 Inadco Marketing Technology Redpoint Ventures 11.0 Pindrop Security Software Andreessen Horowitz 11.0 Revel Systems, Inc. Technology & Communications (Private Investors) 10.1 Tempo AI, Inc. Digital Media/Commerce Relay Ventures 10.0 Metacloud, Inc. Technology & Communications Canaan Partners 10.0 The SAVO Group Marketing Technology NXT Ca pi ta l , Inc. 10.0 Lastline, Inc. Software Redpoint Ventures 10.0 Space Curve, Inc. Software Divergent Ventures, LLC 10.0 SageCloud, Inc. Technology & Communications Braemar Energy Ventures 10.0 Modus eDiscovery, Inc. Information & Business Services Harbert Management Corporation 10.0 iVantage Health Analytics Software Great Point Partners , LLC 10. 0 Mirantis , Inc. Information & Business Services Ericsson 10.0 Fastly, Inc. Software August Capi ta l Management 10.0 Overture Networks, Inc. Technology & Communications Horizon Technology Finance 10.0 Flite, Inc. Marketing Technology Iris Ca pi ta l 9.0 nCino, LLC Technology & Communications (Private Investors) 9.0 47 | M&A and Investment Summary June 2013 All Segments ($ in Millions)

Venture/Growth Capital Transactions

Reported Target Target Segment Buyer/Investor Transaction Value VC/Growth Capital Values Disclosed Idomoo Ltd. Marketing Technology Carmel Ventures $9.0 Ci vi ta s Learning, Inc. Marketing Technology Emergence Ca pi ta l Partners 8.8 Mathem I Sverige AB Digital Media/Commerce (Private Investors) 8.5 Applied Technologies Internet Marketing Technology iXO Private Equity 8.3 We Heart It Digital Media/Commerce White Oak Ca pi ta l Management 8.0 DataTorrent, Inc. Marketing Technology August Capital Management 8.0 ScribbleLive Marketing Technology Georgian Partners 8.0 Zetta.net Technology & Communications Industry Ventures, LLC 8.0 NationBuilder Marketing Technology Omidyar Network 8.0 InsightSquared.com Marketing Technology Draper Fisher Jurvetson 8.0 REACH Health, Inc. Software C&B Ca pi ta l , L.P. 7.4 iZettle AB Marketing Technology Banco Santander, S.A. 6.7 Vets First Choi ce Di gi ta l Media/Commerce HLM Venture Partners 6.5 peerTransfer Technology & Communications QED Investors LLC 6.4 Corti ca , Inc. Marketing Technology Horizons Ventures Ltd. 646.4 Brit + Co. Di gi ta l Media/Commerce Oak Investment Partners 6.3 Porch.com, Inc. Digital Media/Commerce SV Angel, LLC 6.3 AFORE Solutions, Inc. Software BDC Venture Ca pi ta l 6.0 Intercom App, Inc. Marketing Technology The Social+Capital Partnership 6.0 Shopmium SAS Digital Media/Commerce Ventech 5.6 Firebase Software Union Square Ventures 5.6 Honest Buildings, Inc. Digital Advertising The Westly Group 5.5 Artisan Mobile, Inc. Software FirstMark Ca pi ta l 5.5 Artisan Mobile, Inc. Marketing Technology FirstMark Ca pi ta l 5.5 Skillz, Inc. Software Atlas Venture 5.5 Skillz, Inc. Software Atlas Venture 5.5 ThousandEyes Marketing Technology Sequoia Ca pi ta l 5.5 Amagi Media Labs Marketing Technology Mayfield Fund 5.2 Watchwith Marketing Technology Rogers Venture Partners 5.0 Axeda Corporation Software Wipro Ltd. 5.0 Scripted, Inc. Digital Media/Commerce Crosslink Ca pi ta l 4.5 Muzy Digital Media/Commerce WPP Ventures 444.4 adeven Marketing Technology Iris Ca pi ta l 4.3 Graphite Software Corporation Software Celtic House Venture Partners 4.2 FitStar Labs, Inc. Digital Media/Commerce Google Ventures 4.0 InternMatch Digital Advertising Artis Ventures 4.0 Ca nva s Solutions, Inc. Digital Media/Commerce Osage Investments, Inc. 4.0 48 | M&A and Investment Summary June 2013 All Segments ($ in Millions)

Venture/Growth Capital Transactions

Reported Target Target Segment Buyer/Investor Transaction Value VC/Growth Capital Values Disclosed Cl oudByte Inc. Technology & Communications Fidelity Growth Partners Europe $4.0 GutCheck Marketing Technology Grotech Ventures 4.0 Brainyak, Inc. Marketing Technology Grotech Ventures 4.0 Figma, Inc. Marketing Technology (Unnamed Fund Contibuters) 3.8 Numedii, Inc. Software Claremont Creek Ventures 3.5 Entelo, Inc. Software Battery Ventures 3.5 Disconnect, Inc. Software First Ma rk Ca pi ta l 3.5 Disconnect, Inc. Software FirstMark Ca pi ta l 3.5 ElasticBox, Inc. Software Sierra Ventures 3.4 Namely, Inc. Marketing Technology True Ventures 3.4 RAD Digital Media/Commerce Index Ventures 3.3 Ca pi ta i ne Train SAS Digital Media/Commerce Index Ventures 3.3 Diwanee Group Digital Media/Commerce MedSecurities Investments SAL, Asset Mana g 3.3 Optimizer HQ Marketing Technology (Unnamed Fund Contibuters) 3.2 Invi Digital Media/Commerce Horizons Ventures Ltd. 303.0 Invino Digital Media/Commerce DN Ca pi ta l 3.0 Inventables, Inc. Digital Media/Commerce (Private Investors) 3.0 ID90 Technologies, Inc. Digital Advertising Gerbera Ca pi ta l Asesores S.C. 3.0 Discuzz, Inc. Marketing Technology Ignition Partners LLC 3.0 RackWare, Inc. Technology & Communications Kickstart Seed Fund 3.0 Housing.co.in Digital Advertising Nexus Venture Partners 2.5 Prizeo Digital Advertising Battery Ventures 2.5 Whatsnexx Marketing Technology BDC Venture Ca pi ta l 2.3 UltraSoC Technologies Ltd Technology & Communications Octopus Ventures, LLC 2.3 StratusLIVE, Inc. Marketing Technology (Private Investors) 2.3 Sunrise Digital Media/Commerce Resolute.vc 2.2 Local Yokel Medi a, LLC Digital Advertising Connecticut Innovations, Inc. 2.2 Rockpack Ltd. Digital Media/Commerce QUALCOMM Ventures 2.0 Food Runner Digital Media/Commerce GRP Partners 2.0 ChowNow, Inc. Digital Media/Commerce Kensington Ca pi ta l Partners Limited 2.0 Parakweet Marketing Technology (Private Investors) 2.0 ENCAP AS Software ProVenture Management AS 202.0 Content Raven Software Mass Ventures 2.0 Mercatus, Inc. Software Vision Ridge Partners 2.0 Chequed.com Software Cayuga Venture Fund 2.0 Trumaker & Co. Di gi ta l Media/Commerce Venrock Associates 1.9 SocialBro Marketing Technology Scottish Equity Partners 1.9 49 | M&A and Investment Summary June 2013 All Segments ($ in Millions)

Venture/Growth Capital Transactions

Reported Target Target Segment Buyer/Investor Transaction Value VC/Growth Capital Values Disclosed Comba t Gent Digital Media/Commerce VegasTechFund $1.8 Hullabalu Digital Media/Commerce SV Angel, LLC 1.8 Ink Marketing Technology Andreessen Horowitz 1.8 Cuya na Di gi ta l Media/Commerce Canaan Partners 1.7 Storefront, Inc. Digital Advertising Mohr, Davidow Ventures 1.6 DraftStreet Digital Media/Commerce IAC//pInterActiveCorp 1.6 Take the Interview Software Emerald Stage2 Ventures 1.6 ERN Global Limited Technology & Communications (Unnamed Fund Contibuters) 1.6 Breather Digital Advertising Real Ventures 1.5 Ludei, Inc. Software Kibo Ventures 1.5 Cognitive Networks, Inc. Marketing Technology DCM 1.5 SiteWit Corporation Marketing Technology Stage 1 Ventures 1.5 SEOshop Group B.V. Marketing Technology Henq Invest 1.5 BuildZoom Digital Advertising Formation 81.4 iyzi Payments Technology & Communications (Angel Investors) 141.4 Whittl, Inc. Digital Advertising Origin Ventures 1.3 Propeller Software Andreessen Horowitz 1.3 WorldDesk Technology & Communications Lough Shore Investments 1.3 Appington, Inc. Digital Advertising Unity Ventures 1.2 OOO Radario Digital Media/Commerce (Unnamed Fund Contibuters) 1.2 MaxTradeIn.com, LLC Digital Advertising Elevate Ventures 1.2 Dexplora Marketing Technology Creandum 1.2 30Bouqs.com, Inc. Digital Media/Commerce Quest Venture Partners 1.1 Bunch, Inc. Digital Media/Commerce Real Ventures 1.0 Ayannah Information Solutions, Inc. Digital Media/Commerce (Angel Investors) 1.0 FarmersWeb, LLC Digital Media/Commerce (Unnamed Fund Contibuters) 1.0 Attendware Marketing Technology .406 Ventures, LLC 1.0 Attendware Information & Business Services .406 Ventures, LLC 1.0 White Source Software Ltd. Software Peregrine Ventures 1.0 Spinnakr Marketing Technology Andreessen Horowitz 1.0 youAPPi Marketing Technology Glilot Ca pi ta l Partners 1.0 Easypost Marketing Technology Y Combi na tor 090.9

50 | M&A and Investment Summary June 2013 All Segments ($ in Millions)

Venture/Growth Capital Transactions

Reported Target Target Segment Buyer/Investor Transaction Value VC/Growth Capital Values Disclosed Nextt, Inc. Digital Media/Commerce Venture Investors Management LLC $0.7 Makeably Digital Media/Commerce Great Oaks Venture Ca pi ta l 0.7 BabyList Digital Media/Commerce 500 Startups 0.6 Bib + Tuck Digital Media/Commerce (Angel Investors) 0.6 Sejourning SA Digital Media/Commerce Angelor Ca pi ta l e 0.5 Reverb.com LLC Digital Media/Commerce (Private Investors) 0.5 My1login Limited Software Scottish Investment Bank 0.5 VC/Growth Capital Undisclosed Bambuser AB Marketing Technology The Associated Press ‐ BBA, Inc. Software The Founders Cl ub ‐ Ca rd Scanning Solutions, Inc. Software Insight Venture Partners ‐ Ektron, Inc. Marketing Technology CEI Ventures ‐ Fullscreen, Inc. Digital Advertising Comcast Ventures ‐ Grupa Heureka Agency & Marketing Services Valentine McCormick Ligibel , Inc. ‐ Hispasat, S.A. Traditional Media Abertis Infraestructuras S.A. ‐ Ilusis Interactive Graphics Digital Media/Commerce Confrapar Venture Capi ta l ‐ Kaseya International Ltd. Software Insight Venture Partners ‐ Novus Partners, Inc. Information & Business Services Bain Ca pi ta l , LLC ‐ Panzura Technology & Communications SanDisk Ventures ‐ PT. Ci pta Buru Sukses Digital Media/Commerce Ardent Ca pi ta l ‐ Serendipity Infolabs Pvt. Ltd. Digital Advertising Accel Partners ‐ Snapfinger, Inc. Digital Media/Commerce EMN8, Inc. ‐ Tatilsepeti.com Digital Advertising Bancroft Private Equity ‐ uberMetrics Technologies GmbH Marketing Technology High‐Tech Gründerfonds Management ‐ Vendorlink.ca Ltd. Software Lumira Capi ta l Corp. ‐ Wego Pte Ltd. Digital Advertising Tiger Global Management, LLC ‐ Zakaz.ua Digital Media/Commerce (Private Investors) ‐ Zinc Ahead Ltd. Agency & Marketing Services Accel‐KKR, LLC ‐

51 | M&A and Investment Summary June 2013 Petsky Prunier: Maximizing Shareholder Value

Overview

. Founded in 1999 . Focused on the technology, marketing, media, eCommerce, and healthcare industries • More than 35 focused professionals . Unique combination of investment banking and consulting expertise . New York, Palo Alto, Las Vegas, Chicago, Tampa . Sell‐side and private placement close rate is unmatched at our level of deal volume . Deep relationships across a broad spectrum of venture capital and private eqyquity gp,groups, lenders and strategic buyers . With strategic consulting firm Winterberry Group, one of the largest industry‐specific advisors providing strategic and transactional services . International reach enhanced through our partnership with investment bank Altium, which operates from ten offices across Europe . Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker‐dealer

. Sell‐Side Representation . Technology . Strategic Development and Competitive Analysis . Capital Raising and Private Placements . Media . M&A Transaction Due Diligence Support and . Corporate Divestitures . Marketing Valuation Analysis . M&A Advisory . eCommerce . Acquisition Strategy and Target Identification . Fairness Opinions . Healthcare . Publishing and Thought Leadership

52 | M&A and Investment Summary June 2013 Petsky Prunier was Ranked #1 by Bloomberg in 2011‐2012 for Mid‐Market Internet & Advertising Transactions

Rank Advisor Deal Count 1Petsky Prunier LLC 30 2Nomura Holdings Inc 24 3GCA Savvian Group Corp 23 4Goldman Sachs & Co. 20 5MorganStanley 19 6Jordan Edmiston Group 18 7Jefferies Group Inc. 16 8China Renaissance Partners 15 8Sumitomo Mitsui Financial 15 10 JP Morgan 14 10 RBC Capital Markets 14

Based on number of deals announced in 2011‐2012 valued at $500 million or less

Nearly 60 transactions closed since 2010: . Ranging from strategic sales and divestitures to private equity recaps to growth, mezzanine, and alternative financings . Across a broad universe of industries, including digital advertising and marketing, eCommerce and digital media, technology and software, information services, and healthcare

53 | M&A and Investment Summary June 2013 International Partnership with Altium

Description Network

. Altium provides M&A and corporate finance advisory services to companies, private equity firms, and entrepreneurs Madrid Zurich . European‐based, mid‐market financial advisory group, employee‐ New York Palo Alto Las Vegas Chicago Manchester Frankfurt owned and truly independent Tampa Leeds Milan London Munich . A leading advisor for more than 25 years Paris Dubai

. Founded as the corporate finance arm of private equity investor Apax Partners

. Operates ten international offices in Europe with additional partnerships in the U.S. and Asia

. Completed 50+ technology transactions across 12 countries in the past five years

. Allegro Advisors is a leading provider of investment banking services to corporations and public institutions in India with offices in Bangalore, Mumbai, Delhi India Beijing . Hina Group has provided M&A advisory and corporate finance Shanghai services on 50+ transactions in China

54 | M&A and Investment Summary June 2013 Representative Recent Transactions

has sold a leading digital advertising monetization and the largest provider of cloud‐based SaaS shopper marketing partner for e‐commerce a leading provider of social software a leading multiplatform travel and has sold tools for printing signs, labels and tags, retailers a leading provider of in‐store and shopper a real‐time behavioral advertising solutions and digital marketing services lifestyle media company along with digital subsidiary and publishing digital displays for retailers a portfolio company of marketing signage to major company for some of the world’s largest brands, has been sold to North American retailers has been acquired by one of just thirteen Facebook Strategic has been sold to Preferred Marketing Developers (sPMD) provider of online travel guides for top has been sold to specializing in retail, digital, shopper has been sold to has received a $68M minority investment destinations around the world a unit of marketing and consumer services from a subsidiary of to to with financing from (NSYE: AOL) (NYSE: LXK ) (NYSE: GCI )

a dynamic display media and a leading provider of transportation‐based a leading digital direct marketing company a leading provider of digital production a leader in global healthcare primary retargeting company digital media networks utilizing a proprietary database to provide services to brands and agencies customer acquisition solutions for a leader in technology and global in‐app a provider of a cloud‐based integration market research and influence major brands advertising for Facebook, platform for the digital marketing industry network mapping has received a mezzanine debt a leader in multichannel retail, has been acquidired by AlApple (iOS), and AdAndroid dldevelopers has been sold to has been sold to investment from has received an equity investment from ecommerce and loyalty marketing has received $15M financing services has received $66M investment led by from has been sold to a portfolio company of with debt financing from (NSYE: ACN) (JASDAQ:4755)

has sold has sold (Nasdaq: TREE) a leading provider of taxi‐based (TSX: PTO) the top independent a portfolio company of outdoor media has sold has acquired direct‐to‐consumer marketer of Vestar Capital Partners a leading shopper marketing execution company dental savings plans and has sold has been sold to a leading provider of integrated data, has been sold to has been sold to technology and analytics solutions leading provider of services for domain a leading online lead generation business to a pioneer in measuring the name registration, acquisition, brokerage to impact of promotion on to and sales physician prescribing behavior (NYSE: PAY) (NasdaqGS: LEDR)

a division of one of North America’s largest mobile a leading online video a digital communications agency with a marketing and gateway solution has received a majority investment from advertising network proprietary software platform serving a premier provider of benchmark‐based providers biopharmaceutical companies advisory services to the pharmaceutical has been sold to has received a growth capital investment has been sold to and biotech industry has been sold to from has been sold to has been acquired by has acquired a portfolio company of (Nasdaq:GSIC) KRG Capital Partners

55 | M&A and Investment Summary June 2013